Force India

Flibster · 27 Jul 2018 at 21:06

Somethings happening with Force India.

Court today placed them into administration.
However... they apparently had a $30million sponsorship deal signed very recently.

Lets just say... they were not amused and started throwing toys about.

@rich_energy said:
Despite a last minute £30m cash injection from @rich_energy the court has today put @ForceIndiaF1 into administration. A tragic and avoidable outcome orchestrated by @MercedesAMGF1 @SChecoPerez , Julian Jakobi and BWT. Disgraceful

https://twitter.com/rich_energy/status/1022922604125073408

Blaming Mercedes, Perez, sponsor and so on... wow...

Question is, will they be allowed to run tomorrow?

utajoker · 27 Jul 2018 at 21:13

how are Merc and Perez involved?

GravyMonster · 27 Jul 2018 at 21:15

Yikes. That came a little out of the blue. Odd they're pointing the finger at Mercedes. I guess they're paying for Ocon's seat, or FI haven't paid for their engines and Merc had enough.

Where's Mallya in all this? Still trying to evade jail?

Steampunk · 27 Jul 2018 at 21:22

utajoker said:
how are Merc and Perez involved?

Mercedes is owed quite a bit of back money for engines. Maybe they were not willing to let the debts run any further. There is talk of a structured buyout, so there is a preferred buyer waiting in the wings to buy the whole team as a going concern, and rumours of several other potential buyers waiting to step in if the opportunity arises.

Flibster · 27 Jul 2018 at 21:35

Oddly, turns out this Rich Energy company may be a touch dodgy. £1.6m in intangible assets, £800k net assets and £1m in debtors. No income statement on record either.

Yet.... they have £30m for sponsorship of a f1 team?

Flibster · 27 Jul 2018 at 21:46

Ok then... Perez started the legal action to wind up Force India? Ummm. I'm sure that'll make him popular within the team.

https://www.racefans.net/2018/07/27...roceedings-to-close-force-india-over-4m-debt/

GravyMonster · 27 Jul 2018 at 21:54

Talk about shooting yourself in the foot. Sounds like he was having his strings pulled by his management team there.

In the days of Bernie he'd have given them the money. I doubt Liberty are that flexible.

Malt_Vinegar · 28 Jul 2018 at 07:33

Flibster said:
Oddly, turns out this Rich Energy company may be a touch dodgy. £1.6m in intangible assets, £800k net assets and £1m in debtors. No income statement on record either.

Yet.... they have £30m for sponsorship of a f1 team?

It's a very odd company. Energy drinks provider quoting all sorts of global companies as Partners, with very little real world presence, backed by an ex premier league footballer and fronting up 30mill in f1 sponsorship...
Investment/confidence scam?

MooMoo444 · 28 Jul 2018 at 08:59

It's a shame to have three teams at the front with more money than they know what to do with, and then a B league with teams struggling to stay afloat and 1-2 seconds off the pace. F1 really needs to sort out its financials.

413x · 28 Jul 2018 at 09:02

MooMoo444 said:
It's a shame to have three teams at the front with more money than they know what to do with, and then a B league with teams struggling to stay afloat and 1-2 seconds off the pace. F1 really needs to sort out its financials.

Yep. To me the hulks last race was equivalent to a win. But it's better having a battle than sitting where red bull are. No danger from behind, no danger to ones in front

deuse · 28 Jul 2018 at 10:11

I wonder how many time sky pundits will say "administration" this weekend.

MooMoo444 · 28 Jul 2018 at 10:49

deuse said:
I wonder how many time sky pundits will say "administration" this weekend.

New drinking game?

andicole0 · 28 Jul 2018 at 11:17

Sergio Perez's management apparently part of the group forcing Force India into administration. Source Ted Kravitz Sky F1 P3 commentary.
Andi.

Deleted member 651465 · 28 Jul 2018 at 11:18

Shame really, they’ve been a decent upper-mid team for a few years.

Deleted member 651465 · 28 Jul 2018 at 11:19

Missed the posts in the Hungary thread?

andicole0 · 28 Jul 2018 at 11:23

Yes, not a Hungary specific issue. That is the main issue with single long threads that lose context.
Andi.

Deleted member 651465 · 28 Jul 2018 at 11:27

Moved all FI administration posts here.

andicole0 · 28 Jul 2018 at 11:36

EVH said:
Moved all FI administration posts here.

Cool.
Andi.

pastymuncher · 28 Jul 2018 at 11:53

I don't think that Perez has done himself any favours with regards to future seats over this. Would Mercedes buy them out and run them as a B team maybe? It would be one way to get their young upcoming crivers into seats.

413x · 28 Jul 2018 at 12:05

Would rather ocon than perez in my fav team any time

Force India

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