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Force India gets $118 million in Formula 1 team deal

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first_img WTC Final LIVE Day 3: No rain for now but dark clouds & bad light threaten India vs New Zealand Day 3 Latest Sports News Facebook Twitter YourBump15 Actors That Hollywood Banned For LifeYourBump|SponsoredSponsoredPost FunThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayPost Fun|SponsoredSponsoredDefinitionTime Was Not Kind To These 28 CelebritiesDefinition|SponsoredSponsoredDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funny|SponsoredSponsoredDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinition|SponsoredSponsoredMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory|SponsoredSponsored Tokyo Olympics Village: Organizers unveils Tokyo games athletes village to the media, check first look Cricket Cricket India Tour of Sri Lanka: From books to gym, Sanju Samson shares story of his quarantine life By Kunal Dhyani – October 5, 2018 Latest Sports NewsSports BusinessNewsSport Force India is reported to have received $118 million (£90 million) in a deal with Racing Point to sell the Formula 1 team. Canadian investor Lawrence Stroll has formed Racing Point company with his investment partners to acquire the Force India Formula 1 team, which was put on sale under the court direction.Administrators FRP Advisory have documented the transaction details following the legal action initiated by another bidder Uralkali. The Russian company has alleged that Racing Point was given the Force India ownership in spite of their higher bid. Share on Facebook Tweet on Twitter Force India gets $118 million in Formula 1 team deal Cricket Happy Father’s Day: Nostalgic Sachin Tendulkar shares a special item that belonged to his father; Check video RELATED ARTICLESMORE FROM AUTHOR Previous articleLiverpool pens deal with AXA as their global insurance partnerNext articleRonaldo’s brand endorsement empire faces threat over rape case Kunal DhyaniSports Tech enthusiast, he reports on Sports Tech industry and writes on sports products. Cricket WTC Final Day 3 LIVE Score: Virat Kohli & Ajinkya Rahane ready to battle Kiwi bowlers, follow IND-NZ Day 3 Live Updates Cricket TAGSForce IndiaFormula 1FRP AdvisoryLawrence StrollRacing Point Force IndiaRacing Point Force India F1 teamUralkali SHARE Football Football Latest Sports News Tokyo Olympics: Covid-19 scare continues after a Uganda team member tests positive by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeSuresh Raina issues statement after arrest, says the incident in Mumbai was ‘unintentional’PUBG Mobile Big Update : For the first time ever, India Government makes it official, ‘No Permissions to PUBG’Wrestler Murder Case: Sushil Kumar spotted hitting victim with sticks in exclusive video; WatchThe documents also reveal that Force India had just £240,000 ($312,000) in the company bank account at the time of falling into administration. The amount was insufficient even to pay July salaries, which could only be disbursed following £5m ($6.5m) loan from a team sponsor BWT.FRP, while accepting there were higher bids, has justified that the Racing Point’s bid because none other of the more than “20 expressions of interest” was willing to rescue the team, which they wanted to acquire for an F1 entry, motor-addict.com  has reported.That eventually didn’t materialise as it became apparent that the necessary agreement from multiple India-based banks wouldn’t arrive in time and the team would have been forced to close.Also Read: 13 Indian banks lost out about 40 mn pounds in Force India sale: Russian bidderFRP, therefore, went ahead with Racing Point’s pre-agreed “fall-back” plan with a £90m ($118m) bid for the assets and entry.Uralkali’s case is based on the fact that bidding process should have been reopened as Racing Point’s attempt to rescue the team remained no more a matter of concern at the time of allocating them the Force India ownership.That loan was swiftly repaid by Racing Point, which loaned Force India £15m ($19.5m) to allow it to continue racing in 2018.FRP insists it needed to take quick action to ensure the future of the team was safe: “(FRP) took into account the importance of retaining key staff, the fact that staff were shortly to return from their summer holidays, with the upcoming race in Belgium due to take place a few days after their return [so FRP] took a commercial decision to avoid the risk of a significant loss in the value of the business and assets.”Also Read: Formula 1: Mercedes expresses interest to collaborate with Force India Euro 2020- Spain vs Poland Highlights: Spain held to 1-1 draw as Lewandowski’s Poland keep Euro hopes alive Happy Father’s Day: ‘We Miss You’, Hardik Pandya pens emotional message for his father Cricket Euro 2020 LIVE broadcast in more than 200 countries, check how you can watch Live Streaming of EURO 2020 in your country ICC WTC Final: 10 years of Virat Kohli’s Test career, 10 best moments of India’s greatest Test skipperlast_img read more

No one should talk about integrity in Pakistan cricket: Salman Butt

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first_img No one should talk about integrity in Pakistan cricket: Salman Butt Bett1Open 2021 Final: Liudmila Samsonova beats Belinda Bencic to clinch title Share on Facebook Tweet on Twitter Sport News Esports Tokyo Olympics: Dutee Chand, Hima Das among top athletes seeking direct Olympic qualification during IGP 4 Facebook Twitter Copa America 2021 VEN vs ECU LIVE: When and where to watch Venezuela vs Ecuador LIVE streaming in your country, India, Follow live update YourBump15 Actors That Hollywood Banned For LifeYourBump|SponsoredSponsoredPost FunThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayPost Fun|SponsoredSponsoredDefinitionTime Was Not Kind To These 28 CelebritiesDefinition|SponsoredSponsoredDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funny|SponsoredSponsoredDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinition|SponsoredSponsoredMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory|SponsoredSponsored ATP Tour Copa America 2021 COL vs PER LIVE: When and where to watch Colombia vs Peru LIVE streaming in your country, India, Follow live update Football Copa America 2021 Football PUBG Mobile – Krafton IPO: PUBG Mobile promoters Krafton ready to break all records, aims 5 billion IPO RELATED ARTICLESMORE FROM AUTHOR SportSport News By Kunal Dhyani – April 9, 2020 Euro 2020, Switzerland vs Turkey LIVE: Shaqiri adds another as Switzerland lead 3-1; Follow Live Updates Halle Open 2021 Final: Ugo Humbert defeats Andrey Rublev to become champion Euro 2020, Italy vs Wales LIVE: Bale fires shot over the bar as Wales miss chance for equalizer; Follow Live Updates Viking Classic Birmingham 2021 Final: Ons Jabeur beats Daria Kasatkina to clinch title Previous articleMalik and Raja engage in war of words after retirement remarkNext articleEnjoyed last two years in FC Goa: Pena Kunal DhyaniSports Tech enthusiast, he reports on Sports Tech industry and writes on sports products. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeCBS NewsThese Are America’s Deadliest HighwaysCBS News247 SportsThe Highest-Paid College Football Coaches In 2020, Ranked247 SportsGeorgetown UniversityLearn from Anywhere This Summer with Georgetown’s Online Summer CoursesGeorgetown UniversityHe was upset at all-rounder Muhammad Hafeez for saying that there was need to have those players back in national colours who have served punishments for spot-fixing.Hafeez’s comments were aimed at batsman, Sharjeel Khan who is vying for a comeback to the national side after serving a ban for spot-fixing in the Pakistan Super League (PSL).“I really don’t understand why should anyone even speak on this issue and give his opinion because it doesn’t really matter. Bottom line is that only the ICC and PCB should be speaking on this as they make the laws,” Butt, who was captain in 2010 in England, said.“I know players who have been added to the team because of their connections and there have been several players who have made numerous comebacks without giving any meaningful performances. Are these things different from corruption. We shouldn’t even talk about integrity in Pakistan cricket, Butt said.Although Butt has made a comeback to domestic cricket and the PSL since completing his ban and has performed well but is yet to be recalled to the national team.It is no secret that in 2016, head coach Waqar Younis wanted Butt in the team but the then captain of white ball cricket formats, Shahid Afridi opposed having him in the team.“Punishment implies that once you have served the time, you should be treated like any other player. Where does their integrity go when they are in the mix and working with those people? Or when they endorse players because of their connections.He also called on the ICC and PCB to have a clear policy for players who have served punishments for corruption to put an end to unnecessary debate.Asked specifically to comment on former captain and batting great, Javed Miandad’s suggestion that tainted players should be hanged, Butt said he would not even comment on it. Tokyo Olympics: BCCI provides fuel in Indian Olympic flame, to contribute Rs 10 crore Sport News Latest Sports News SHARE Sport News “Integrity is not something which should be talked about in Pakistan cricket,” fumed tainted Salman Butt as he lashed out at those demanding a life ban on players who have been penalised for corruption.Butt had served a five-year ban between for the spot-fixing scandal that broke out on Pakistan’s tour to England in 2010. Football last_img read more