One of the world's largest producers of potassium - Uralkali - was trying to buy the Formula One team Force India formula uansim (Force India), the Russian company said.
"Force India" - a strong middle peasant of the royal race: at the end of the season 2017/18 its pilots Sergio Perez and Esteban Okon scored 187 points, allowing "Force India" to take the 4th place in the Constructors' Championship, and Peres second year in a row took 7- th place out of 25.
In 2007, the team for $ 123 million bought a consortium of Orange India Holdings, co-owned by whom Bloomberg called the Indian millionaire Vijay Mally and his partner, Subrat Roy. The problems in the team started because of the financial difficulties of Mallia with other assets: he owned the airline Kingfisher Airlines, bankrupt in 2013. Two years later, the businessman fled to the UK - a group of Indian banks tried to recover from him $ 1.4 billion from him. Malloy also suspect in money laundering through Force India: he allegedly transferred over £ 30 million to the accounts of Force India through Kingfisher Airlines. On April 28, 2018, Malloy was arrested in London by the Scotland Yard police, the newspaper The Times of India wrote. According to the British registry, from the end of May the millionaire ceased to be the general director of "Force India".
By this time, Force India owed tens of millions of dollars to its creditors and partners: Brockstone (about $ 4 million), a Mercedes engine supplier (€ 10.5 million), and a sponsor of the team, BWT, according to the industry edition of Motorsport. As a result, on July 27, 2018, the High Court of London, on the basis of a motion from Brockstone, subsequently joined by other creditors, appointed external managers to Force India. They were Jeffrey Paul Rowley and Jason Daniel Baker of FRP Advisory, which was to bring "Force India formula uannim" out of the crisis.
Rowley and Baker began to look for new applicants for the asset. The team was also interested in the Russian "Uralkali": two years ago, under the development program "Force India", its pilot was Nikita Mazepin, the son of businessman Dmitry Mazepin, who controls "Uralkali." At the same time, Uralkali itself was not the sponsor of the team.
According to Uralkali, the proposal of the company assumed two scenarios for Force India: the first was to keep the team, in exchange having received control, and thereby protect it from insolvency, the second - to fully buy out the business and assets of the team to create a new legal entity that the business would continue. However, according to Uralkali, in response to this, on Saturday, August 4, external managers from FRP Advisory notified the Russian company that its proposal would only be considered if it would provide a binding agreement with the shareholders of Force India on the repurchase of their shares to 4 pm Monday, 6 August. In addition, it needed to obtain consent from 13 Indian banks - the creditors of "Force India" until August 17, 2018 "The timing proved impossible," the statement of Uralkali underlines. A spokesman for Uralkali declined to comment, including not asking why the company needed Force India.
In the end, according to Motorsport, the new owners of Force India were Canadian businessmen André Desmare and Lawrence Stroll, business partner of the latter Siles Chau, as well as the representative of Monaco Sports and Management Jonathan Dadmen, telecommunications investor John McCaw Jr., etc. Under the agreement with external managers of "Force India", new investors fully repay the team's debts to creditors, and in return receive 100% of shares in the company's company, writes the site f1news. The son of Stroll is also a racer of Formula 1, he stands for Williams Martini Racing, where he is the second pilot.
All applicants had equal opportunities to provide better conditions for the purchase of Force India, insists the representative of FRP Advisory. He did not answer the remaining questions of Vedomosti. A spokesman for Liberty Media, the Liberty Media management company, forwarded Vedomosti's request to Force India, and its representative to FRP Advisory.
"Uralkali" is confident that the actions of the external managers of "Force India" do not meet the interests of its creditors, shareholders and other interested persons.
"Force India" - a strong middle peasant of the royal race: at the end of the season 2017/18 its pilots Sergio Perez and Esteban Okon scored 187 points, allowing "Force India" to take the 4th place in the Constructors' Championship, and Peres second year in a row took 7- th place out of 25.
In 2007, the team for $ 123 million bought a consortium of Orange India Holdings, co-owned by whom Bloomberg called the Indian millionaire Vijay Mally and his partner, Subrat Roy. The problems in the team started because of the financial difficulties of Mallia with other assets: he owned the airline Kingfisher Airlines, bankrupt in 2013. Two years later, the businessman fled to the UK - a group of Indian banks tried to recover from him $ 1.4 billion from him. Malloy also suspect in money laundering through Force India: he allegedly transferred over £ 30 million to the accounts of Force India through Kingfisher Airlines. On April 28, 2018, Malloy was arrested in London by the Scotland Yard police, the newspaper The Times of India wrote. According to the British registry, from the end of May the millionaire ceased to be the general director of "Force India".
By this time, Force India owed tens of millions of dollars to its creditors and partners: Brockstone (about $ 4 million), a Mercedes engine supplier (€ 10.5 million), and a sponsor of the team, BWT, according to the industry edition of Motorsport. As a result, on July 27, 2018, the High Court of London, on the basis of a motion from Brockstone, subsequently joined by other creditors, appointed external managers to Force India. They were Jeffrey Paul Rowley and Jason Daniel Baker of FRP Advisory, which was to bring "Force India formula uannim" out of the crisis.
Rowley and Baker began to look for new applicants for the asset. The team was also interested in the Russian "Uralkali": two years ago, under the development program "Force India", its pilot was Nikita Mazepin, the son of businessman Dmitry Mazepin, who controls "Uralkali." At the same time, Uralkali itself was not the sponsor of the team.
According to Uralkali, the proposal of the company assumed two scenarios for Force India: the first was to keep the team, in exchange having received control, and thereby protect it from insolvency, the second - to fully buy out the business and assets of the team to create a new legal entity that the business would continue. However, according to Uralkali, in response to this, on Saturday, August 4, external managers from FRP Advisory notified the Russian company that its proposal would only be considered if it would provide a binding agreement with the shareholders of Force India on the repurchase of their shares to 4 pm Monday, 6 August. In addition, it needed to obtain consent from 13 Indian banks - the creditors of "Force India" until August 17, 2018 "The timing proved impossible," the statement of Uralkali underlines. A spokesman for Uralkali declined to comment, including not asking why the company needed Force India.
In the end, according to Motorsport, the new owners of Force India were Canadian businessmen André Desmare and Lawrence Stroll, business partner of the latter Siles Chau, as well as the representative of Monaco Sports and Management Jonathan Dadmen, telecommunications investor John McCaw Jr., etc. Under the agreement with external managers of "Force India", new investors fully repay the team's debts to creditors, and in return receive 100% of shares in the company's company, writes the site f1news. The son of Stroll is also a racer of Formula 1, he stands for Williams Martini Racing, where he is the second pilot.
All applicants had equal opportunities to provide better conditions for the purchase of Force India, insists the representative of FRP Advisory. He did not answer the remaining questions of Vedomosti. A spokesman for Liberty Media, the Liberty Media management company, forwarded Vedomosti's request to Force India, and its representative to FRP Advisory.
"Uralkali" is confident that the actions of the external managers of "Force India" do not meet the interests of its creditors, shareholders and other interested persons.
Business
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