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- Apr 25, 2024
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Sahara Corporation of India is looking to withdraw its stakes in the Force India Formula One team in order to bail the company’s founder Subrata Roy out from jail. Sahara currently own 42.5 per cent share in the Force India Formula One team. The Company had paid 100 million dollars when acquiring the team back in 2011. Now Sahara Group wants to liquidate the Force India and other assets to raise a combined amount of 53 billion Indian rupees. However people in the motoring industry are reportedly sceptical on how easily a buyer can be arranged to seal the deal.
Beer Baron Vijay Mallya also owns 42.5 per cent share of the Force India team. From the buyer’s point of view, it would possibly be easier if the ownership of the whole team is up for sale, since the purchaser will wish for complete control of the investment. Formula One as a sport ranks lower amongst the masses when compared with cricket in India. Mallya has also been under the pressure from lenders since his Kingfisher Airlines has been grounded. The airline has not yet taken flight since 2012 due to insufficient funds.
Force India is the first and only Indian-registered team which is a part of the 11 teams participating in the Formula One Championship. The Force India team has a loyal fan following especially in the country of Mexico due to driver Sergio Perez who hails from the same nation.
Source- ET Auto
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