OMNISPORT

Otmar Szafnauer says Force India have a bright future after a deal was agreed for the Formula One team to exit administration.

The Silverstone-based outfit last month appointed FRP Advisory LLP as joint administrators, but continued to operate as normal. A consortium led by Canadian businessman Lawrence Stroll, father of Williams driver Lance, on Tuesday reached an agreement for a takeover, meaning 405 jobs would be saved and creditors paid in full with ongoing funding guaranteed.

Canadian entrepreneur Andre Desmarais, Monaco Sports and Management's Jonathan Dudman, fashion business leader John Idol, telecommunications investor John McCaw Jr, financial expert Michael de Picciotto and Stroll's business partner Silas Chou are also part of the consortium.

Force India chief operating officer Szafnauer said: "This outcome secures the future of the Force India team in Formula 1 and will allow our team of racers to compete to our full potential. I am delighted that we have the support of a consortium of investors who believe in us as a team and who see the considerable business potential that Force India has within F1 now and in the future.

"At Force India, our expertise and commitment has meant that we have always punched above our weight and this new investment ensures that we have a bright future ahead of us. I also would like to thank Vijay, the Sahara Group and the Mol family for all of their support and taking the team as far as their circumstances would allow."

Force India will resume the season at the Belgian Grand Prix sitting sixth in the constructors' championship.