28 Jul 2018

Force India F1 team put into administration

The Force India Formula 1 team will compete at this weekend's Hungarian Grand Prix, despite being placed into administration, the BBC reported.

Chief F1 reporter Andrew Benson tweeted Saturday morning that team co-owner sent a message to the team stating that driver Sergio Perez had initiated the proceedings.

5th place in world constructors' championship

Perez earlier this week told F1 reporters: "The situation is critical. Financial problems are now holding back the progress of the team. Despite the difficulties, we are fifth in the world championship and this shows what great potential we have."

According to the report, the team owes the holding company close to £160-million.

Read the full story here.

Force India administrator is FRP advisory. Joint Administrator Geoff Rowley said: “We shall be engaging with key stakeholders on an urgent basis to secure the best outcome for creditors. In the meantime, the team will continue to operate as normal" 1/2
— Andrew Benson (@andrewbensonf1) July 28, 2018

Force India administrator Geoff Rowley says: "Our ?aim ?is for business as usual while we assess options to secure the future of the team.” 2/2
— Andrew Benson (@andrewbensonf1) July 28, 2018

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