Published: Thu, August 02, 2018
Sport | By Kayla Schwartz

Force India to lose prize money?

Force India to lose prize money?

"From that I'm sure there will be a process which will involve Mercedes and the F1 Group to determine the most appropriate buyer for Force India".

Sergio Perez has explained why he took steps to place Force India into administration, saying the move is created to purely "save the jobs" of their 400-strong workforce. On Wednesday, this week, one of the creditors was in court in London trying to wind up the team. Sergio Perez's legal team alternatively requested the courts to put the team under "Administration", which allows the company (or team in this case) to operate until a new buyer is found.

After qualifying, Perez said his actions were taken with the team's interests at heart.

"We got to a point where action had to be taken, to protect the 400 people that work in the team".

"It's something that is positive for the team, and for all its employees, I would say".

He told reporters at the Hungarian Grand Prix that he had endured a month of emotional and mental hell and his racing had suffered because of the team's precarious financial situation.

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After 11 of 21 races, Force India is fifth overall. In October 2011, Sahara purchased 42.5% stake in the team by putting in US$ 100 million.

"I know absolutely categorically that Vijay had some very sensible solutions to everything to be able to maintain the team going forward".

Force India also faces uncertainty over driver Esteban Ocon's future. The team has finished in 4th position in the constructors title fight for the last two years, behind the giants Ferrari, Mercedes-Benz and Red Bull making them effectively, the best of the rest.

He is tipped for a move to Renault while Perez's future remains uncertain.

There's a shared concern that Force India is being lined up by Mercedes boss Toto Wolff to become a "B-team", and that will only increase the power base of F1's two major manufacturers.

My heart is really broken because I know this is not ideal in the short term for him, but the big picture is really different", said the Mexican."The bottom line of this is that we do this or the team would have gone bust.

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