Force India has been saved from certain doom by a group of investors including Lawrence Stroll, the wealthy father of Canadian Formula One driver Lance Stroll, who currently drivers on the Williams team. Lawrence Stroll has been linked to the team’s takeover for some time and the process of finalizing the deal has begun.
Force India entered administration during the Hungarian Grand Prix weekend, an action brought about by their driver Sergio Pérez to protect the team from other creditors including Mercedes and BWT. It was no secret that the team had been looking for a buyer but lacked viable purchase offers, which could have forced the team to fold and become liquidated.
A group of investors have come together to make a bid for the team, allowing to exit administration while the final deal is being finalized. Most notable from the group of investors is Lawrence Stroll, the father of Canadian drive Lance Stroll. With the recent turn of events, it’s possible that there could be some driver lineup changes in store for the team.
Stroll is joined by a group of investors with diverse business backgrounds: André Desmarais, the Chairman of Power Corporation of Canada, a management and holding company primarily specializing in financial services, asset management and renewable energy; Jonathan Dudman, related to a company called Monaco Sports and Management, which appears to specialize in financial management; John Idol, a fashion mogul that was the CEO of Michael Kors before buying the company back in 2003; John McCaw Jr, who owned McCaw Cellular (now AT&T Wireless) and various sports teams including the NHL Vancouver Canucks hockey team and NBA Vancouver Grizzlies basketball team; Michael de Picciotto, a financial expert who started his career with the RBC bank and is now the Vice Chairman of Engel & Volkers; and Silas Chou, a fashion investor who was an early investor in Michael Kors and has been Lawrence Stroll’s business partner.
There was other interest in the Force India team, including interests from two difference groups of American investors as well as a British firm. Companies in administration are rarely rescued, making Force India an exception to teams like Caterham and Manor.
The investment likely means a loss of money to Williams, since the team has been receiving a sizable investment from Lawrence Stroll to get his son a seat on the team. This could mean big changes to the driver lineups in 2019.
