Rich Energy: We’ve got the money to save Force India

Friday, 03 August 2018 at 09:55

While Force India is in administration, behind-the-scenes efforts are being made to save the team, among potential buyers are Rich Energy whose chief William Storey is adamant his company has the means and commitment to save the beleaguered Formula 1 team.

Speaking after Rich Energy's bid to save the team was rejected, Storey said in a TV interview with Peter Windsor, “We’ve got the money to do so, the business model and the reasons to do it. Having spent six months working on Force India we’re not going to relinquish that overnight.”

The plan was to inject around $40-million in two instalments into the team to save approximately 400 jobs and allow the team to continue racing in the big leagues.

But these overtures have been rejected despite assurances that the backing is solid, supposedly supported by billionaires including West Ham United Football Club owners David Sullivan and David Gold

Storey has remained defiant despite the setback to his bid, but insists that Rich Energy will "be in Formula 1 sooner or later."

And added, "There’s an awful lot of senior people in the sport who have seen our money."

Potential buyers are looming and looking to pounce when the time is right, these supposedly include Lance Stroll's billionaire father Lawrence Stroll and Nikita Mazepin's super-rich dad Dmitry Mazepin.

Also watching with interest from the sidelines are a couple of American consortiums including IndyCar team boss Michael Andretti and his driver Alexander Rossi’s father Pieter, as well as ex-baseball franchise boss Jeff Moorad.

Mercedes and main sponsor BWT supported Force India driver Sergio Perez who triggered the administration, with a claim of $4-million which the Mexican is owed by the team, in the belief that the process will speed up the sale of the team.

Rich Energy has to convince the creditors that they have deep enough pockets not only to pay the team's existing creditors but also to sustain the investment to ensure the team survives and is financially healthy in future. So far his assurances have fallen on deaf ears.

Storey insists that Rich Energy, which was launched six years ago, has the liquidity to embark on the project and should be taken seriously.

This story is set to drag on until a proper buyer is found and Formula 1 can ill afford to lose another team, so watch this space!