Formula 1

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Sergio Perez has explained why he petitioned for Force India to enter administration this week

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Football News
24/7

Force India was placed into administration this week as the London-based team faces an uncertain future.

Millions are owed to various creditors, including driver Sergio Perez, who is reportedly due £3 million.

Mercedes, Force India's engine supplier, are said to be owed as much as £11.5 million and both Mercedes and Perez were part of the court petition that led to administration.

Vijay Mallya founded the team in 2008 and they've enjoyed moderate success since, finishing fourth in both of the previous two seasons.

A new owner will be needed, however, with Canadian billionaire Lawrence Stroll, father of Williams' Lance, heavily rumoured to be interested in buying the team.

It would represent a new era for Force India - and it's one that Perez, its very own driver, has pushed for.

And he explained exactly why he did that during the Hungarian Grand Prix.

Sending out a tweet of an open letter, the Mexican was clear that he felt he had no other option but to petition for administration as it was the only way to secure the jobs of Force India's employees.

"I want you to know my version of what happened in these last days as I have sadly seen on the media a lot of wrong information that hurts me," he wrote. "Because my pure intension [sic] was to save the jobs of more than 400 teammates.

"Force India has been in a critical financial position for some time. On Wednesday, this week, one of the creditors was in court in London trying to wind up the team.

"If successful, this would have meant the team would be shut down immediately and everyone would lose their jobs.

"As being myself one of the creditors of the team, I was asked to use a different legal procedure in the English courts called "Administration" which allows a company to continue operating while a new owner is found.

"As a result, the team is now in the hands of an administrator who can sell the team and save the jobs of the 400 amazing people that work at the team."

You can check out Perez's full letter below:

Whether that new owner is Stroll or someone else, we don't know, but Perez has certainly helped give the team a future - whatever that may be.

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Topics:
Vijay Mallya
Sergio Perez
Force India
Mercedes
Formula 1

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