Force India in administration: 3 teams oppose takeover

Earlier this month, the Force India Formula One team was put into administration by driver Sergio Perez in a bid to prevent freezing of the team assets due to financial troubles. According to media reports, Formula One boss Chase Carey discussed with other teams to allow Force India to keep its share of the Formula 1 revenue, even if the team's name was changed.

McLaren, Williams and Renault have reportedly objected to this. Earnings from TV revenue and prize money constitute a big chunk of earnings for teams like Force India. However, with a new owner, the name of the team would be changed and could result in it forfeiting these earnings. It is estimated that the TV revenue alone would be around US$ 150 million for the season. It has also been reported that Mercedes boss Toto Wolff has said that potential buyers of the team need to have deep pockets.

Force India was formed in 2007 when Vijay Mallya and Michiel Mol bought the Spykar team for Euro 90 million. In October 2011, Sahara purchased 42.5% stake in the team by putting in US$ 100 million.

The team's performance in the World Constructors' Championship has seen improvement since the 2008 season. While it was placed 10th in its first season, it has moved up to 4th place in the 2016 and 2017 seasons. In 2018, the team is placed 6th overall with half the season remaining. Over the years, the Silverstone-based team has put in strong performances despite running on a lower budget than most other teams.

Source: Planet F1