Force India buyout agreed ‘in principle’

Jun.10 (GMM) The takeover of Force India by a British energy drink company looks set to be complete within days.

William Storey, of Rich Energy, said speculation had forced him to reveal that a deal is in the offing.

“In light of ill-informed media speculation and certain external moves to destabilise the team, I can confirm that Rich Energy made an official offer to buy Force India at the end of April,” he told the Telegraph.

It is rumoured that the ‘external moves’ may be rumours that Mercedes, in combination with Force India sponsor BWT, could also be eyeing a deal to buy the team.

Rich Energy’s Storey continued: “This offer was accepted in principle, and we are close to finalising purchase. We have deposited funds considerably in excess of the purchase price and will invest an additional eight figure amount in the team.

“We have a long term business plan that not only involves our beverage brand but two multinational corporate sponsors who are not currently in formula one,” he added.

“We aim to conclude a deal as soon as practicable and the lawyers approve.”

Related News

  • 25/05/2018 Force India buyout deal ‘is done’ – source May 25 (GMM) A takeover of the Force India team is still in the works. Earlier, the Silverstone based team considered a name change for 2018, amid rumours a consortium led by British […]
  • 22/02/2018 Energy drink eyes Force India takeover Feb.22 (GMM) Force India is in talks to be taken over. British newspapers The Sun and the Daily Mail report that talks are taking place with a consortium led by British energy drink […]
  • 20/06/2018 Mallya denies Force India sale rumours Jun.20 (GMM) A source close to Vijay Mallya has denied the latest wave of speculation about his F1 team Force India. Recently, the boss of British energy drink Rich Energy said it has […]
  • 28/07/2018 New deal for Ricciardo still delayed Jul.28 (GMM) Daniel Ricciardo is still not ready to announce his new Red Bull contract. Despite flirtations with Ferrari and Mercedes, it is now clear that the Australian is staying with […]
  • 17/09/2015 Mateschitz buys another Austrian circuit Sep.17 (GMM) Dietrich Mateschitz is adding another Austrian race track to his collection. Reports in Austria - in the Osterreich and Salzburger Nachrichten newspapers - say the Red Bull […]
  • 24/09/2015 Kvyat not worried about F1 future Sep.24 (GMM) Daniil Kvyat on Thursday insisted he is not worried about the future -- not his own, nor that of his Red Bull team. At present, Red Bull is without an engine deal for 2016 […]
  • 26/10/2018 Steiner plays down Rich Energy scepticism Oct.26 (GMM) Gunther Steiner has played down scepticism about the identity of Haas' new title sponsor. Next year, the American team's cars will have a different livery after signing a […]
  • 05/03/2018 Force India takeover talks still on Mar.5 (GMM) A takeover of the Force India team may still be in the works. In February, reports emerged that talks between the Silverstone based team and a consortium led by British […]
  • 31/01/2019 ‘Everything ok’ with new Haas sponsor – boss Haas is not worried about any scepticism surrounding the American team's new title sponsor. Last October, it was announced that Haas will change its livery for 2019 after signing a deal […]
  • 31/03/2019 Haas sponsor targets world championship Mar.31 (GMM) William Storey, the top sponsor at Haas, says he wants the American team to be world champion. The long-bearded Briton caused a stir earlier this year by saying he wanted […]