Sergio Perez has Sahara Force India placed into administration

Faced with the financial difficulties of Sahara Force India, Sergio Perez and his representatives have filed for administration of the team, which opens the door to a sale to potential new investors.

Logo Mi mini
Rédigé par Par

For months, the F1 paddock has been buzzing with rumors about the financial health of Sahara Force India, whose owners are facing significant legal and economic troubles.

The events materialized over the weekend in Budapest when it was revealed by our colleagues from Racefans.net that the team had been placed under judicial reorganization, under the responsibility of an administrator. What was most surprising about this procedure is that it was initiated by one of the companies based in Guernsey, which manages the financial interests of Sergio Perez.

Initially, this initiative was attributed to the desire to protect only his financial interests since the team owes him nearly four million dollars. However, the driver then decided to speak publicly about the background of this procedure, undertaken at the request of certain people within the team to ensure its future: « Force India has been in a difficult financial situation for some time. This Wednesday, one of the team’s creditors went to court to try to make the team pay. If this had been successful, it would have resulted in the immediate closure of the team and everyone would have lost their jobs. Being a creditor of the team myself, I was asked to use another procedure with the English courts, called “Administration,” which allows a company to continue operating while looking for a new owner. »

It can therefore be assumed that this procedure was initiated with the full approval, or even at the request of Mercedes, the team’s engine supplier, who will seek to defend its own interests while the sum of 13 million dollars in unpaid fees is regularly cited by various sources. The German firm would have thus wished to avoid direct involvement in a lengthy legal procedure while adopting the status of an interested witness.

The summer break will therefore be busy for the men at FRP Advisory, who have already worked in this sector since it was this firm that was appointed when Manor found itself in the same situation during the 2016-2017 off-season. Let’s hope for the team that its fate will be different and that a viable solution can be identified to take over a team, which is still the sixth strongest on the grid, despite all these difficulties.

In any case, it is now the end of the Vijay Mallya era, which lasted ten years. During this period, he transformed a struggling Spyker team into a true success story, capable of finishing two consecutive years in fourth place in the Constructors’ Championship and accumulating six podiums.

As for Sergio Perez, who was put under the spotlight over the weekend for non-sporting reasons, he hopes to focus on his work as a driver rather than an economic agent.

With the participation of www.racingbusiness.fr

Votre commentaire

Vous recevrez un e-mail de vérification pour publier votre commentaire.

Haut
Motorsinside English
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.