Source: Force India Media

F1 News

Force India back in credit after paying off all debts

Force India back in credit after paying off all debts

17-10-2018 10:57
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Nicolás Quarles van Ufford

Force India has almost completely paid off its debts which put the team in administration this July, as investor Lawrence Stroll took personal responsibility to get the Pink Panthers back in credit.

Racing Point Force India, as they're now called since the takeover in July, was in a crisis then as they went into administration. The team had a lot of debt and hadn't paid its employees for months. An investment group, led by Lance Stroll's father Lawrence, came in and took over the team, getting it out of administration under the condition that 'Racing Point' would be added to the team's name.

It's a rule in the F1 that any team that undergoes a name change is stripped from all its points when it does, meaning that RP Force India had to start from scratch from Spa Francorchamps onwards.

They're currently seventh in the constructors' championship, but they would've been fourth if they wouldn't have been stripped from their points. Still, the team is very grateful for Stroll and the rest of the investors for saving the team.

"It's important to note that the current shareholders have taken all the risk for the creditors," team boss Otmar Szafnauer told Autosport.

"[They] have put it in extra money such that the creditors can be paid off immediately, and not at some future date, post-administration.

"Lawrence wanted to do what's right by the suppliers that have supported us.

"He'll get it back when the creditors are paid by the administrator, whenever that is.

"That's not usually what happens in administration, and it's something that we should take note of. It takes that worry completely away."