Sahara Group to walk away from Force India?

The Sahara Group will be selling its 42.5% stake in the Force India F1 team. The company acquired the stake in a $100 million deal that was orchestrated in 2011 just a few weeks before India's inaugural grand prix. 

Sahara has reportedly sought permission from the Supreme Court of India to sell its stake in Force India, along with assets like some of its hotels and aircrafts to raise around INR 53 billion or $778.38 million. The action is being taken to help release Sahara's founder Subrata Roy from jail and to re-pay several investors who purchased bonds that have been declared illegal by the apex court.

The remaining stake in the F1 team is owned by the UB Group's head, Vijay Mallya (42.5%) and Dutch entrepreneur Michiel Mol owns the remaining 15%. Previous reports suggested that Force India would be rebranded as Aston Martin Racing, but those plans seem to have gone on the backburner for now.

Source: ET Auto