What's going on with Force India?

I read somewhere that Force India could be the next team to go down.

I think that the indemnity they received from Ferrari to release Fisichella for the last 3 GPs last year, just allowed them to finish the season.

 

Great minds think alike!
Kevin

 

indemnity? "i don't think that word means what you think it means"

 

Force India has always been bad on paying bills, as has Kingfisher Airways. I am not sure if it is a cash flow issue or just how they do business, but I don't think they are (or could be) any worse about paying late then they were before.

Vijay can afford to run the team as along as he wants. If he liquidated his assets, he would be getting tens of millions each year in interest alone.

But he isn't liquid, and some of his assets are probably costing him a lot of $$$... so net/net, I can see him ditching some of his discretionary spending in tough times, and Force India is utterly descretionary.

 

well well i looked it up and i guess indemnity has multiple meanings. too bad you can't edit your posts after some brief time period. moderators if you see this feel free to delete this post and #6

 

Well, they have an impressive motor home, and a massive yacht...He should be fine

 

Launch date february 9
ready for the jerez tests on 10-12 february.

 

Indemnity = compensation.

I know it's a legal term for insurance loss, but it also means compensation.

 

I give Force India one more season before they fold. Actually I wouldn't be surprised if they fold half way through the season. Vijay owes a alot of money and not just on his F1 team, but also his airline.

 

If only 'Stefan' had been able to wait one more year, he could have bought that for a song and be one of the long list of Jordan's owners.

 

He could buy them next year and run a "B" team.

Carol

 

Doesn't Mr Red Bull still have STR up for sale? That would seem to be the "easiest" way to get a slot if he wanted to go that route.

Cheers,
Ian

 

Guess we need to buy alot of Kingfisher beer to help out;
FORCE INDIA FACING DISSOLUTION
Friday 5th February 2010


Force India have been ordered to deliver its accounts for 2008 before February 25 or face the possibility of being dissolved.

The Daily Telegraph reports that the Force India Formula One Team's 2008 accounts were due on October 31 but they failed to file them within the three-month deadline.

This resulted in the Companies House sending 'a notice of dissolution to its directors including Michiel Mol, the former chief executive of the Spyker car company, and Mr [Vijay] Mallya, whose United Breweries Group owns scotch whisky maker Whyte & Mackay'.

A Companies House representative is quoted as saying: "If they do submit their accounts by February 25, there will be time for us to suspend the dissolution process. The ball is in their court. It is only going to be suspended when the accounts are received. If we don't receive any accounts in the next three months we are going to strike the company off."

However, the Silverstone-based outfit's chief operation officer Otmar Szafnauer has played down the story with the reassurance that they should have their papers in order before the deadline.

"We have been discussing an extension to that filing deadline with Companies House because we needed more time to get the accounts in order. On January 28 we got written confirmation of a deadline extension to the February 25. If we don't make this the question is then what happens.

"Our accounting team said we don't need longer than February 25."

 

Force India rejected reports they were in danger of being forced out of business because they had not filed their 2008 accounts. "Force India's participation within the F1 championship has not, and will not, be in jeopardy," said owner Vijay Mallya.

 

Who would have no reason to dissemble

 

just read this:

The new VJM03 has also passed all crash tests and Sutil put it through a shakedown at Silverstone on Wednesday before Jerez launch.
Carol

 

The VMJ-03 has arrived,

pics : http://motorsport.nextgen-auto.com/gallery/index2.php?iID=2310&PHPSESSID=6578a7348f61ca5766be02b2df5db992

 

STR has been for sale for a few years, there are a few strings attached though