Formula 1: Force India replaced by new team following takeover

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Otmar Szafnauer hailed a "new and exciting chapter" after Force India were replaced by a new team.
Otmar Szafnauer hailed a "new and exciting chapter" after Force India were replaced by a new team.

Force India has been replaced by a new team following a takeover agreed this month.

The new team, named Racing Point Force India, will join the Formula One championship at this weekend's Belgian Grand Prix. Drivers Esteban Ocon and Sergio Perez retain their championship points, though the new team will not keep Force India's points in the constructors' standings.

A consortium led by Canadian businessman Lawrence Stroll, father of Williams driver Lance, reached an agreement for a takeover on August 7, allowing Force India to exit administration and meaning 405 jobs would be saved and creditors paid in full with ongoing funding guaranteed.

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That takeover has been completed and Racing Point team principal Otmar Szafnauer said: "The new Racing Point Force India Team is delighted to be able to race when the championship resumes in Belgium this weekend. 

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"This heralds a new and exciting chapter for us. Just a few weeks ago, an uncertain future lay ahead, with more than 400 jobs at risk; now the new team has the backing of a consortium of investors, led by Lawrence Stroll, who believe in us as a team, in our expertise and in our potential to achieve success on the track. 

"We are grateful to the FIA, the joint administrators and Formula One Management for their support in helping us achieve such a welcome outcome and ultimately, we trust, for the sport and its many fans."

F1 chairman and CEO Chase Carey added: "We are very pleased that the situation around Racing Point Force India has been resolved and that the team will continue to race in Formula One. 

"It is also very gratifying that in partnership with the stakeholders involved we have been able to safeguard the livelihoods of the many hundreds of people working at its Silverstone base.

"It's enormously important that we have a full grid of competitive, capable teams in Formula 1 and we are confident that Racing Point Force India will go from strength to strength in the future."

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