FORCE INDIA ENTERS ADMINISTRATION
The team owes a number of creditors, including engine supplier Mercedes and driver Sergio Perez.
The team will be able to continue operating under an administrator, FRP advisory, while a buyer is sought.
FRP Advisory has hit frustrations trying to sell the team, with all other teams having to agree to allow Force India’s new owners to retain the commercial rights and to receive its F1 prize fund payment in advance.
The teams met in Budapest to discuss the matter, but McLaren, Williams, and Renault all opted to not sign the agreement for the time being.
Meanwhile, Force India won’t be able to bring updates to its cars until a new owner is found.
Article Written By: Bethonie Waring
No copyright infringement intended
Follow us on Twitter @bethonieboost & @F1Insider78