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?

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/

Flibster · 29 Jul 2018 at 13:56

Comment from Sergio

And as expected... Rich Energy have errrm... responded...

Economically illiterate & lies. Winding up order dealt with. Nobody with an IQ higher than their age could believe this rubbish. Save 406 jobs by demanding @ForceIndiaF1 immediately pays you 4m and thus putting team finances under more pressure?! Administration THREATENS jobs!

Flibster · 22 Aug 2018 at 22:44

Update time...

Force India logos have been removed from the race trucks and media areas.

Turns out, Daddy Stroll bought the assets of Force India, but the team name and entry remains owned by Force India Formula One Team. Of which, 85% is owned by 13 separate Indian banks who didn't give approval for the sale. So yeah...

This may stop the ex-Force India cars from competing this weekend as they don't have an entry and the entry doesn't have any equipment or cars... FIA are currently looking at it. If they change name or go in as a new entry, there's a good chance that they'll lose their prize money from last year as it will need to be approved by all the teams... And that's supposedly being blocked by Williams, McLaren and Renault.

Also, Sahara has disappeared from the teams name on the sponsor areas, web site and twitter.

Flibster · 23 Aug 2018 at 00:51

EVH said:
Why would Williams, McLaren and Renault care about a team losing the prize money?

I swear teams would object to another team’s choice of aftershave, if you gave them a chance

Because it goes back into the prize pool and is redistributed.

Flibster · 23 Aug 2018 at 17:55

Staff change at The Team Formerly Known As Force India. (TTFKAFI)
Bob Fernley has left the team. Apparently was told last week by Daddy Stroll that he wasn't going to be part of the teams management. Otmar Szafnauer is currently in charge.

Also looks like they may be trying to get TTFKAFI in at Spa as a new entrant. Which would cause them to lose all their points and any claim to any prize money owed.

Half expecting to see Stroll in TTFKAFI car in Monza, Kubica taking his seat in the Williams and Ocon out on his butt.

Flibster · 24 Aug 2018 at 18:36

andicole0 said:
It now looks like they are keeping this years prize money but the loss of 59 points will affect next years prize money.
Andi.

But it will make the 2019 entry fees lower. IIRC $500'000 and $5000 per point.
Won't offset the loss of many millions of prize money, but it'll help a little.