According to a statement issued on behalf of administrator Geoff Rowley, all 405 jobs at Force India will be saved through a deal with the team management, joint administrators and consortium of investors led by Canadian billionaire Lawrence Stroll, who happens to be the father of Williams driver Lance Stroll.
At Force India, our expertise and commitment has meant that we have always punched above our weight and this new investment ensures that we have a bright future ahead of us. I also would like to thank Vijay, the Sahara Group and the Mol family for all of their support and taking the team as far as their circumstances would allow."
Otmar Szafnauer, Chief Operations Officer, Force India.
The team was put into administration ahead of the Hungarian Grand Prix last month following the legal action taken by its Mexican driver Sergio Perez. Mallya and Sahara had a 42.5 percent stake each in Force India while Mol Family owned 15 per cent.
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India is currently seeking Mallya's extradition from the UK over unpaid loans linked to his defunct Kingfisher Airlines. Since their first season in 2008, Force India have gone on to become a strong midfield team, finishing fourth in the past two seasons.