With just 19 days to go for the inaugural Indian Grand Prix, Formula One team Force India will be renamed as Sahara Force India after the team's chairman Vijay Mallya sold part of the stake in his team to the chairman of Sahara Group Subrata Roy on Wednesday. Vijay mallya says
“On behalf of the Force India team, I am delighted to announce this partnership,”said Mallya. “The team will now be called Sahara Force India. Sahara India Parivar will invest 100 million dollars and will have a 42.5% equity share.”
Liqour baron Mallya had bought the Spyker Ferrari F1 Team in 2007, reportedly for about for 90 million euros. He then renamed the team as 'Force India' for the 2008 season.
Mallya had earlier commented on the rumours that he was planning to sell Force India to the Sahara group, "I was shocked to read a media report that I am selling the Force India Formula One team. This is completely untrue and without any basis whatsoever." "As Team Principal, I will continue to run the team and I have no plans whatsoever to exit."