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Sahara buys into 42.5% stake in Force India

ESPNF1 Staff
October 12, 2011 « Teams must stay united despite spending row - McLaren | Vettel 'not the best' - Briatore »
Vijay Mallya announced the deal on Wednesday © Getty Images
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Indian conglomerate Sahara Group has acquired a 42.5% stake in Force India and will invest $100 million in the team, which is set to be renamed Sahara Force India.

Just last weekend Force India's co-owner and team principal Vijay Mallya issued an official statement saying he was shocked to read reports that he was selling the team, but on Wednesday he confirmed the news during a press conference with Sahara Group chairman Subrata Roy in Delhi. Both Mallya and Sahara now own 42.5% of the team while the Mol family, which bought 50% alongside Mallya back in 2007 as part of a €88 million deal, has reduced its holding to 15%.

"I am delighted to welcome Saharasri Subrata Roy Sahara as Chairman of Sahara Force India," he said. "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 One world championship."

Sahara has business interests in property, media and tourism, and owns the IPL cricket team Pune Warriors India. Roy said he was proud to be a part of India's only F1 team.

"India is reaching new heights in all spheres, including sports," he said. "Formula One car racing has always remained a bastion of the western world. The advent of India in this exciting sport has remained a matter of pride for all our countrymen. I feel doubly proud that Sahara is the co-owner of India's only F1 team and I am sure that through the Sahara Force India F1 Team, we will together bring pride and laurels to our beloved nation."

© ESPN Sports Media Ltd.
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