JULY 29, 2018
Force India racing on amid administration
Force India is racing ahead in Hungary, even though it has been placed into financial administration.
The news from a London court arrived in Hungary that action taken by Sergio Perez, Mercedes and sponsor BWT had meant the F1 team is now being run by FRP Advisory.
"The team will continue to operate as normal, including racing in Hungary this weekend," joint administrator Geoff Rowley said in a statement.
Force India owes millions to creditors, including a reported $4 million to Mexican driver Perez.
Team owner Vijay Mallya is furious.
"They've driven us to bankruptcy," the former Indian billionaire said.
But Perez defended his actions, saying he and manager Julian Jakobi acted not for personal reasons but to "protect the 400 people working in the team".
"Several team members asked me to take action to protect 400 jobs," he said in Hungary.
"It's such a difficult situation that I cannot concentrate on driving. But one of the creditors had already prepared a petition, and if it was filed, the team would simply be closed.
"That's why I was asked to pull the trigger," Perez said.
The administrators will now assess parties interested in buying Force India, including Lawrence Stroll, Dmitry Mazepin, a US consortium, sponsor BWT, Indycar team boss Michael Andretti, and Rich Energy.
Perez hopes there is a good outcome.
"If they are serious people, I'll stay with Force India. The guys in the team are still the same and still the best in the midfield.
"Without financial worries, we'll get even stronger," he said.