Force India administrators sued by Mazepin company

  • Published on 27 Sep 2018 12:05
  • comments 3
  • By: Fergal Walsh

Force India's sale to a consortium led by Canadian businessman Lawrence Stroll over the summer break has been challenged by failed bidder Uralkali in the London High Court.

Dmitry Mazepin, father of Force India development driver and GP3 racer, is a non-executive director at Uralkali and was one of the interested parties that was looking to purchase the Silverstone-based squad after it entered administration.

However, his bid was turned away by administrators FRP Advisory, who opted for the terms offered by Stroll. Uralkali says that Stroll's bid was “significantly inferior" to Uralkali's.

The company said in a statement: “Despite Uralkali’s generous offer for the business and assets, which we believe was the best bid on the table, the administrators chose to enter into an exclusivity arrangement with another bidder and subsequently refused to reengage with Uralkali.”

Uralkali has accused FRP Advisory of not recognising that their bid was higher, “misrepresentations and lack of transparency” in the process of bidding and “failing to achieve the maximisation of sale proceeds for the benefit of creditors, shareholders and other stakeholders”.

However, both Force India and FRP Advisory say they have no knowledge of any legal action filed against them. On Thursday morning, FRP Advisory released a statement adding some clarity to the situation.

"The Joint Administrators to Force India Formula One Team Limited note that Uralkali issued a press release this morning detailing how a claim has been issued against us in High Court in London.  No such claim has been received by us or, as far as we are aware, by the Court.

"If a claim is issued it will be defended vigorously. We have fulfilled our statutory duties as administrators throughout this process and ultimately achieved a very successful outcome for all stakeholders. Any legal action brought against us will be defended vigorously, and we are confident it would be dismissed."

Replies (3)

Login to reply
  • I don't know that much about European administration but it seems that if all the base conditions are met by multiple buyers other factors should be acceptable for making a decision on which buyer to sell to. Sounds like a sore loser to me.

    • + 0
    • Sep 27 2018 - 18:48
    • Harryw

      Posts: 107

      European? You mean British administration?

      • + 0
      • Sep 28 2018 - 08:09
    • Oops, forgot about Brexit. Everyone else still considers Britain part of Europe even if you guys don't. :)

      • + 0
      • Sep 28 2018 - 16:36

BE Grand Prix of Belgium

Local time 

BEGrand Prix of Belgium

Local time 

World Championship standings 2024

Show full world champion standings

Test calendar

See full test schedule

Related news

Give your opinion!

Will Bottas challenge Hamilton for the world championship in 2020?

Formula 1 Calendar - 2024

Date
Grand Prix
Circuit
-
Bahrain
29 - Mar 2 2024
Bahrain
7 - Mar 9 2024
Saudi Arabia
22 - Mar 24 2024
Australia
5 - Apr 7 2024
Japan
19 - Apr 21 2024
China
3 - May 5 2024
United States of America
17 - May 19 2024
Italy
24 - May 26 2024
Monaco
7 - Jun 9 2024
Canada
21 - Jun 23 2024
Spain
28 - Jun 30 2024
Austria
5 - Jul 7 2024
United Kingdom
19 - Jul 21 2024
Hungary
26 - Jul 28 2024
Belgium
23 - Aug 25 2024
Netherlands
30 - Sep 1 2024
Italy
13 - Sep 15 2024
Azerbaijan
20 - Sep 22 2024
Singapore
18 - Oct 20 2024
United States of America
25 - Oct 27 2024
Mexico
1 - Nov 3 2024
Brazil
22 - Nov 24 2024
United States of America
29 - Dec 1 2024
Qatar
6 - Dec 8 2024
United Arab Emirates
-
United Arab Emirates
See full schedule

Formula 1 Calendar - 2024

Date
Grand Prix & Circuit
29 - Mar 2 2024
7 - Mar 9 2024
Saudi Arabia Jeddah Street Circuit
22 - Mar 24 2024
Australia Albert Park
5 - Apr 7 2024
19 - Apr 21 2024
3 - May 5 2024
United States of America Miami International Autodrome
17 - May 19 2024
24 - May 26 2024
Monaco Monte Carlo
7 - Jun 9 2024
21 - Jun 23 2024
28 - Jun 30 2024
Austria Red Bull Ring
5 - Jul 7 2024
United Kingdom Silverstone
19 - Jul 21 2024
Hungary Hungaroring
26 - Jul 28 2024
23 - Aug 25 2024
Netherlands Circuit Zandvoort
30 - Sep 1 2024
Italy Monza
13 - Sep 15 2024
Azerbaijan Baku City Circuit
20 - Sep 22 2024
18 - Oct 20 2024
United States of America Circuit of the Americas
25 - Oct 27 2024
1 - Nov 3 2024
Brazil Interlagos
22 - Nov 24 2024
United States of America Las Vegas Street Circuit
29 - Dec 1 2024
6 - Dec 8 2024
United Arab Emirates Yas Marina Circuit
-
United Arab Emirates Yas Marina Circuit
See full schedule

Driver profile

  • Team Aston Martin
  • Points 292
  • Podiums 3
  • Grand Prix 168
  • Country CA
  • Date of b. Oct 29 1998 (26)
  • Place of b. Montreal, CA
  • Weight 70 kg
  • Length 1.8 m
Show full profile

Team profile

Show full profile
show sidebar