F1 will help Force India survive, says Brawn
Liberty Media will do all is can to help Force India survive after being placed in administration says Formula 1’s sporting boss Ross Brawn.
Force India went into administration on Friday as Sergio Perez attempted to protect the team and its 400 staff.
It’s hoped the process will result in the team, which can continue to operate in the interim, finding a new owner who can bring fresh investment.
Speaking following the Hungarian Grand Prix, Brawn stated that the sport would do all it could to assist Force India’s survival.
“Formula 1 will be doing all in its power to ensure the team survives and I truly hope that in the coming days and weeks its future is resolved,” Brawn said.
“Over the past few years the Silverstone-based team has been an amazing example of what can be done with limited resources, showing that what you do and how you do it is much more important than the size of your budget.”
According to Mercedes boss Toto Wolff, who supplies the team with engines and supported Perez in placing the team in administration, a number of potential buyers have already been identified.
“Now that the process has been kicked off by the administrator, there are many potential buyers with great interest, with deep pockets, (and) with an understanding of what kind of spending levels are needed in order to perform in F1,” he said.
“It’s something that is positive for the team, and for all its employees, I would say.
“A formal process has been started with administration and we have to wait and see who will bid for the assets,” he added.
“We as Mercedes are interested spectators of the process.
“We would like to understand what the funding strategy from a potential new buyer is, how it could affect the collaboration between the two teams. We aren’t there yet.”
Having struggled financially of late, Force India was in court last Wednesday facing a winding up petition, which would have seen the team closed in an attempt to satisfy creditors.
Triggered by Perez, administration counters that move, and allows the the team to continue operating.
However, any ownership change requires the approval of all other teams in order to be eligible for television prize money.
Teams are entitled to two separate pots of prize money, with one paying out a set figure to all teams and the other paying out based on a sliding scale to team which have finished in the top ten in the constructors’ championships in two of the last three seasons.
Reports have suggested Williams, McLaren, and Renault have baulked at providing their approval, which could jeopardise the sale.
Without their approval, under a new owner Force India would not be eligible for the bulk of its prize money payments until 2020, which could see the team lose out on tens of millions of dollars.
Having been caught out by the rain during qualifying, neither Perez nor team-mate Esteban Ocon scored points at the Hungarian Grand Prix.
With Haas scoring with both its drivers, Force India has now fallen to sixth in the constructors’ standings.