Wrapped into too much controversy of his own, Vijay Mallya has stepped down from the position of Managing Director of Sahara Force India, handing over the baton to his son Siddharth. The Indian liquor baron and co-owner of the Sahara Force India team, will however, continue his work for the team in the capacity of a Team Principal of the Formula One Team. In the meanwhile, Bob Fearnley will continue working in his current role as Deputy Principal. Siddharth who has little experience with the Formula One team brings with him the experience from being the director for the Royal Challengers Bangalore Formula One team.
In conversation with motorsport.com, Vijay Mallya said that this move was for the best, such as to ensure the teams’ best interest is served, despite his own legal issues. Mallya’s legal issues, see him face charges of money laundering from Indian banks to the tune of over ₹ 9000 crores. The Indian courts have asked the United Kingdom to expedite the extradition of Vijay Mallya to India. Now naturally, amidst this controversy, the rumour mill has been working overtime, with rumours about dwindling finances and a possible sale of the team on the cards. However, Mallya reports no intentions of sale at the moment. However, he also continued to say that the team is looking for sponsors, and if and when a good offer for a buy-out comes along, there would be a joint discussion between Mallya and the other owners of the team.
The Force India team was bought by in collaboration from Spykar in 2007 for about 90 million Euro and was renamed as Force India. The team has been showing strong growth trends over the last few years with fourth place constructor titles going to force India over the last two years. The Sahara Force India Team currently has three major owners including Indians Vijay Mallya and Subrata Roy, each of whom owns 42.5 per cent stake. The remaining stake is owned by Michael Mol of the Dutch Mol family speaks for the remaining 15 per cent. As of present standings, Force India stands sixth in the 2018 constructors standings with 26 points to their name
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