Vijay Mallya has sold a 42.5% stake in his Force India team to Subrata Roy’s Sahara Group. Mallya’s United Breweries Group retains 42.5%, with a further 15% held by Michel Mol. The team expect the deal will bring in about £63.8m ($100m) investment into the team, and their name will be officially changed to Sahara Force India after the buy out.
Mallya said: “I am delighted to welcome Saharasri Subrata Roy Sahara as Chairman of Sahara Force India.
“It has indeed been a matter of pride for me to put India on the F1 map with Force India and raise the performance of the team to its current levels. The Sahara Group has played a very important role in the development of sport in the country and is an ideal partner to take the Force India F1 Team to greater success in the Formula 1 world championship.”
|Force India are having a good season, lying sixth.|
Interestingly, last week, Mallya strongly denied that the team was up for sale, but remains team principal of the Silverstone-based outfit, who lie sixth in the Constructor's Championship.