And then came 2018, when its downfall began. The thing is, each year, there’s a summer break in Formula 1. It is usually 2 weeks long. That year, in July 2018, just before the summer break, documents were released as to how this company had only $315,000 in the bank. While it had taken out loans of $37 million. This company owed a lot of money. And you’d remember Vijay Mallya, Vijay Mallya was accused of owing about ₹100 billion to Indian banks.
In 2016, he fled from India, and has been staying in the UK since then. A worldwide freezing order was issued on his assets, he could not sell his assets. And that banks could seize his assets. It meant that if he wanted to sell the shares of this team, he would need the consent of Indian banks.
Finally, a Canadian businessman Lawrence Stroll, bought the team and its assets. at the cost of ₹9.6 billion. Before the restart of the 2018 season. The businessman Lawrence Stroll’s son Lance Stroll was a driver of this team in the F1. FiA ordered that this team had to be renamed yet again since the ownership was changing. This was renamed Racing Point Force India.
