Breaking: Vijay Mallya out, a step toward Force India new owners

Last week, TJ13 exclusively revealed details regarding a very probable buyout for the Force India team.

Another piece in the jigsaw appears to have been put into place enabling such a move. The questionable Indian team owner Vijay Mallya steps down according to UK’s Companies House.

Mallya, facing CBI and ED investigations, is accused of defrauding Indian banks a staggering sum of £1 billion. He is currently contesting extradition proceedings initiated by India, in a UK court. Yesterday, the Indian government impressed upon the UK the need to expedite the process of extradition of Mallya to face these charges in an ongoing battle.

The move terminating Mallya’s involvement with the team would be necessary if a change of ownership should occur. The Force India Formula One team is rumoured to be sold within the next few weeks after a consortium led by British-based energy drinks boss William Storey. It appears that Storey, chief executive of Rich Energy, has finalised terms with Vijay Mallya and Subrata Roy to buy the team in the deal for an undisclosed sum.

TJ13 believes that the name of the new team will be Rich Energy Racing. Further, the business name was registered late last year at Companies House UK.

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3 responses to “Breaking: Vijay Mallya out, a step toward Force India new owners

  1. Sorry – Vijay Mallya isn’t out. He’s transferred the board seat to his son while he remains team principal.

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