The company "Uralkali", losing the competition for the purchase of the team "Formula 1" Force India, sues the external managers. The company believes that when selling the team, they illegally preferred competitors
Uralkali filed a lawsuit in the High Court of London on the external managers of the World Cup auto racing team in the Formula 1 class of Force India, announcing a biased attitude regarding the sale of the team. The announcement of this is posted on the company website.
The report said that Uralkali sent two options for proposals to the external manager of the team - Jeffrey Rowley and Jason Baker, each of which provided funding in the amount “necessary to fully meet the demands of all lenders Force India”.
The first involved the purchase of a controlling stake in the team.
Uralkali proposed that the external manager conduct a tender in the form of each participant submitting the best and final proposal in a sealed envelope with their subsequent opening in the presence of representatives of interested buyers. Unfortunately, external managers rejected this proposal, "the company said in a statement.
Instead of bidding, external managers provided Uralkali with less than one working day to prepare the binding agreement necessary for the transaction to repurchase shares in the team, the Russian company said. In addition, to complete the transaction, it was necessary to obtain the consent of 13 Indian banks, to which Uralkali was given two weeks. The company did not meet this deadline, despite the efforts made.
Assessing the unrealistic nature of the task, Uralkali proposed an external manager with the second option, which implies a full redemption of the business and assets of the team from the company under external management with the subsequent registration of a new legal entity. However, external managers have ceased to communicate with representatives of Uralkali, to answer calls and emails.
Force India came under external control at the end of July, after several of its lenders (Brockstone Ltd, Mercedes, etc.) filed a lawsuit against her. In late August, it became known that Uralkali lost the battle for the Force India team, which is sponsored by the son of the co-owner Dmitry Mazepin, a consortium led by Lawrence Stroll - the father of the pilot Lance Stroll.
During the 2018 Belgian Grand Prix, Force India was renamed the Racing Point Force India F1 Team.
External management companies Jeffrey Rowley and Jason Baker told Reuters that they have not yet received any notification of the company's actions, and also stressed that they performed their duties as external managers in good faith.
Uralkali filed a lawsuit in the High Court of London on the external managers of the World Cup auto racing team in the Formula 1 class of Force India, announcing a biased attitude regarding the sale of the team. The announcement of this is posted on the company website.
The report said that Uralkali sent two options for proposals to the external manager of the team - Jeffrey Rowley and Jason Baker, each of which provided funding in the amount “necessary to fully meet the demands of all lenders Force India”.
The first involved the purchase of a controlling stake in the team.
Uralkali proposed that the external manager conduct a tender in the form of each participant submitting the best and final proposal in a sealed envelope with their subsequent opening in the presence of representatives of interested buyers. Unfortunately, external managers rejected this proposal, "the company said in a statement.
Instead of bidding, external managers provided Uralkali with less than one working day to prepare the binding agreement necessary for the transaction to repurchase shares in the team, the Russian company said. In addition, to complete the transaction, it was necessary to obtain the consent of 13 Indian banks, to which Uralkali was given two weeks. The company did not meet this deadline, despite the efforts made.
Assessing the unrealistic nature of the task, Uralkali proposed an external manager with the second option, which implies a full redemption of the business and assets of the team from the company under external management with the subsequent registration of a new legal entity. However, external managers have ceased to communicate with representatives of Uralkali, to answer calls and emails.
Force India came under external control at the end of July, after several of its lenders (Brockstone Ltd, Mercedes, etc.) filed a lawsuit against her. In late August, it became known that Uralkali lost the battle for the Force India team, which is sponsored by the son of the co-owner Dmitry Mazepin, a consortium led by Lawrence Stroll - the father of the pilot Lance Stroll.
During the 2018 Belgian Grand Prix, Force India was renamed the Racing Point Force India F1 Team.
External management companies Jeffrey Rowley and Jason Baker told Reuters that they have not yet received any notification of the company's actions, and also stressed that they performed their duties as external managers in good faith.
Business
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