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Force India dismisses fresh takeover bid rumour

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Force India dismisses fresh takeover bid rumour
By:
Jun 10, 2018, 1:35 PM

Force India has downplayed new reports that the Rich Energy drinks concern is on the verge of concluding a deal to buy the Formula 1 team.

Sergio Perez, Force India VJM11
Sergio Perez, Force India VJM11.
Esteban Ocon, Force India VJM11
Esteban Ocon, Force India VJM11
Sergio Perez, Force India VJM11
Sergio Perez, Force India VJM11
Esteban Ocon, Force India VJM11

The company has been linked with the Silverstone outfit for some months, although recently it had appeared to have faded from the scene.

However, its boss William Storey has now claimed that a formal offer was made in April, and that a deal is close to being concluded with shareholders Vijay Mallya, the Sahara Group, and Michiel Mol.

"In light of ill-informed media speculation and certain external moves to destabilise the team, I can confirm that Rich Energy made an official offer to buy Force India Formula 1 team at the end of April," he told the Daily Telegraph.

"This offer was accepted in principle, and we are close to finalising purchase with SPA [sales and purchase agreement].

"We have deposited funds considerably in excess of the purchase price and will invest an additional eight-figure amount in the team."

Storey says he already had some outside sponsorship lined up.

"We have a long-term business plan that not only involves our beverage brand but two multi-national corporate sponsors who are not currently in Formula 1.

"We have found the shareholders to be excellent people with the team's and employees' best interests at heart.

"We aim to conclude a deal as soon as practicable and the lawyers approve."

Deputy team principal Bob Fernley acknowledged that there had been talks with, but said nothing had changed.

"It's no secret that they've been interested, but so have other people," he told Motorsport.com. "There's nothing moved forward yet to my knowledge.

"We've not been instructed about anything yet. At the end of the day all those issues are dealt with by the shareholders, they're not a team issue, so we don't have any involvement in it at all."

Last week Mallya denied that a sale was close.

"Rumours keep going on and on and on, and people talk and talk and talk," he told Motorsport.com. "That's what the F1 paddock is all about.

"The finances of Force India, whether I'm selling or not selling, has been a matter of speculation on and off for many years.

"We don't go around with a for 'sale sign.' The bottom line is that we are focussing on getting the best performance out of the car, and that is our priority. We're focussing on getting more sponsors.

"There are three shareholders, remember, I'm not the only one. If somebody comes along with a serious offer, and puts cash on the table, we will jointly consider it."

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About this article

Series Formula 1
Teams Force India
Author Adam Cooper