Sources say Mallya selling Force India UPDATE #6
(GMM) Despite boss Vijay Mallya's recent denials, the part-sale of Silverstone based Force India was confirmed late on Wednesday.
|Mallya was lying to media. Now truth comes out|
The team will be renamed Sahara Force India, the Indian billionaire sitting alongside conglomerate Sahara India's Subrata Roy announced in a Delhi hotel.
"On behalf of the Force India team, I am delighted to announce this partnership," said Mallya.
"Sahara India will invest 100 million dollars and will have a 42.5 per cent equity share," he revealed, according to Indian commercial broadcaster NDTV.10/12/11 With just over a fortnight left for the first ever Formula One race to be held in India, UB Group's Vijay Mallya has sold 42 per cent stake in his Force India F1 Team to Sahara Group, headed by Subroto Roy on Wednesday. The two corporate honchos will sign an agreement on Wednesday evening, according to sources.
Spokespersons of both the groups are yet to comment on the development. Liquor baron Vijay Mallya had bought the Spyker Ferrari F1 Team in 2007, reportedly for about for 90 million euros. He then renamed the team as 'Force India' for the 2008 season.
See our other rumor on Force India sponsorship where our inside sources told us Sahara was the company.
10/12/11 We are upgrading this report to 'strong' today as it appears our sources may have been correct. Reports that Vijay Mallya is selling his formula one team Force India will not go away. When the original reports emerged last week, the Indian billionaire issued two strident denials.
"No question of my getting out of Force India," he said, when the Asian Age newspaper cited sources that said the buyer is Indian conglomerate Sahara, with a deal "on the verge of being finalized".
And in a vehement media statement, Mallya later added: "I was shocked to read a media report that I am selling the Force India team. This is completely untrue and without any basis whatsoever."
But on Wednesday more reports emerged, with CNBC saying the Sahaha deal "will be inked shortly".
"Mallya is likely to address (the) media later on Wednesday", the report added.
And the Press Trust of India added: "The two corporate honchos (Mallya and Sahara's Subrata Roy) will sign an agreement today, which will be followed by an official announcement this evening, according to sources".
Spokespeople for Force India and Sahara declined to comment.10/07/11 Regardless of what Mallya is saying to the media, our sources tell us to leave this rumor as speculation, not false.
10/07/11 Dr. Vijay Mallya: "I was shocked to read a media report that I am selling the Force India Formula One team. This is completely untrue and without any basis whatsoever. I take great pride in having been able to put an Indian team on the Formula One World Championship grid and have worked very hard to greatly improve the performance of the team. Now that India is finally on the Formula One World Championship calendar, my commitment to Force India becomes even stronger. As Team Principal, I will continue to run the team and I have no plans whatsoever to exit.”
10/07/11 (GMM) Vijay Mallya on Friday denied reports he is close to selling his formula one team Force India.
Citing "sources", the Asian Age said the buyer is Indian business conglomerate Sahara India, with the deal "on the verge of being finalized". zzzz
The Deccan Chronicle said initially that as billionaire Mallya was travelling he could not be reached for comment.
But Reuters later quoted him as saying in a statement: "No question of my getting out of Force India."
With his native India hosting its inaugural grand prix later this month, Mallya added: "I have even more reason to improve team performance when India comes on the formula one map." 10/06/11 (GMM) Force India may be close to being sold, according to reports. The speculation comes after team owner Vijay Mallya recently decided to close his low-cost airline Kingfisher Red.
Citing "sources", the Asian Age now reports that the Indian billionaire is now "planning to sell" his Silverstone based formula one team.
Linked with buying the team is Indian business conglomerate Sahara India, which already owns a premier league cricket team and sponsors the Indian cricket and hockey national teams.
"Sources say the deal is on the verge of being finalized and that an announcement to the effect is expected in a couple of days," the report said.