Leading sports promoter Sahara India Pariwar announced on Wednesday that it is to buy a 42.5 percent stake in Force India, investing approximately $100 million in the team. Following the deal, team principal and managing director Dr Vijay Mallya will retain an equal 42.5 percent share, with the remaining 15 percent equity kept by the Mol family.“India is reaching new heights in all spheres, including sports,” said Subrata Roy Sahara, managing worker and chairman of Sahara India Pariwar. “Formula One has always remained a bastion of the western world. The advent of India in this exciting sport has remained a matter of pride for all our countrymen.
“I feel doubly proud that Sahara is the co-owner of India’s only F1 team and I am sure that we will together bring pride and laurels to our beloved nation.”
Sahara’s partnership with Force India is expected to provide an opportunity for the team to further invest in cutting-edge technology to improve their performance. Sahara has many diverse interests including financial services, real estate, media, IT and tourism.
“It has indeed been a matter of pride for me to put India on the F1 map with Force India and raise the performance of the team to its current levels,” added Mallya. “The Sahara Group has played a very important role in the development of sport in the country and is an ideal partner to take the Force India F1 Team to greater success in the Formula One world championship.”
The Mallya-Mol consortium became the former Jordan team’s third owner in just three years when they bought it back in 2007. The Midland group had taken over in 2005, before selling out to sportscar makers Spyker late in 2006.
Force India are currently sixth in the 2011 constructors’ standings with 48 world championship points.
Source: f1.com
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