user icon

Szafnauer: Force India was "days or weeks" away from closing

  • Published on 25 Aug 2018 11:28
  • comments 1
  • By: Fergal Walsh

Otmar Szafnauer has revealed how close Force India was to closing its doors before it was saved over the summer break. A Lawrence Stroll-led consortium of investors removed the team from administration, pulling over 400 jobs out of danger.

On Thursday, the team announced that it would race under a new name for the remainder of the season, meaning it would start the second half of the year with zero points. Szafnauer was appointed team principal following the departure of Bob Fernley.

The new Racing Point Force India outfit will be able to keep its prize money following a unanimous decision from the rest of the teams. And Szafnauer has revealed that the team of investors came just in time to ensure the future of the company.

"It was pretty close,” he said. "I think there were some of the creditors and legal actions to go down the insolvency route instead of the administration route. I think that’s a technicality of bankruptcy, one route or the other.

“But the significant difference is insolvency you close the doors and you sell the assets and you’re done, whereas administration, the administrator tries to find a solution for the company to keep it going, and we were very close to insolvency, not administration.

“So it was only a matter of days or weeks. The solution was a good one in the end for the team, the employees, the fans and I think Formula 1 in general.”

Force India turned up at the Spa-Francorchamps circuit not knowing if it would be allowed to race. But following an emergency meeting involving Lawrence Stroll and the other teams, it got the go-ahead. However, Szafnauer admits that there was worry it wouldn't get the all-clear.

"It was unprecedented, it’s never happened before, so it was hard to predict [what would happen],” he said. “And if your future is hard to predict that uncertainty gives you a sense of anxiety, I don’t know what’s going to happen. Whether it’s this or anything else in life, if you can’t predict then you become anxious.”

Replies (1)

Login to reply
  • close to closing its doors. Meanwhile Vijay Mallya isn't any closer to opening his ... to the taxman. I'll miss the rascal with his antics ... a little.

    • + 0
    • Aug 25 2018 - 14:08

BE Grand Prix of Belgium

Local time 

BE Grand Prix of Belgium

Local time 

Related news

World Championship standings 2022

Show full world champion standings

Test calendar

See full test schedule

Give your opinion!

Will Bottas challenge Hamilton for the world championship in 2020?

Driver profile

  • Team Aston Martin
  • Points 179
  • Podiums 3
  • Grand Prix 109
  • Country CA
  • Date of b. Oct 29 1998 (23)
  • Place of b. Montreal, CA
  • Weight 70 kg
  • Length 1.8 m
Show full profile

Team profile

Show full profile

Formula 1 Calendar - 2022

Date
Grand Prix
Circuit
-
Spain
-
Bahrain
18 - Mar 20
Bahrain
25 - Mar 27
Saudi Arabia
8 - Apr 10
Australia
22 - Apr 24
Italy
6 - May 8
United States of America
20 - May 22
Spain
27 - May 29
Monaco
10 - Jun 12
Azerbaijan
17 - Jun 19
Canada
See full schedule

Formula 1 Calendar - 2022

Date
Grand Prix & Circuit
18 - Mar 20
25 - Mar 27
Saudi Arabia Jeddah Street Circuit
8 - Apr 10
Australia Albert Park
22 - Apr 24
6 - May 8
United States of America Miami International Autodrome
20 - May 22
27 - May 29
Monaco Monte Carlo
10 - Jun 12
Azerbaijan Baku City Circuit
17 - Jun 19
See full schedule
show sidebar