Sahara India Pariwar has become co-owner of the Force India outfit, which will be renamed Sahara Force India, alongside Vijya Mallya and the Mol family.
Mallya and Sahara will own 42.5% of the team each, with the Mol family retaining 15% equity.
The announcement was made on Wednesday, despite Mallya flatly denying any sale of the team last week, amid rumours.
“I was shocked to read a media report that I am selling the Force India Formula One team,” read a statement. “This is completely untrue and without any basis whatsoever.”
It’s believed the deal is worth almost $100 million (£63m). Mallya bought the team formally known as Spyker for $118m (£76m) in 2007.
Saharasri Subrata Roy Sahara, Chairman of Sahara India Pariwar, said about the deal: “India is reaching new heights in all spheres, including sports. Formula One car racing has always remained a bastion of the western world. The advent of India in this exciting sport has remained a matter of pride for all our countrymen. I feel doubly proud that Sahara is the co-owner of India’s only F1 team and I am sure that through the Sahara Force India F1 Team, we will together bring pride and laurels to our beloved nation.”
Speaking about the partnership with the Sahara Group, Dr. Vijay Mallya, Team Principal and Managing Director of the Force India Formula One Team added: “I am delighted to welcome Saharasri Subrata Roy Sahara as Chairman of Sahara Force India. It has indeed been a matter of pride for me to put India on the F1 map with Force India and raise the performance of the team to its current levels. The Sahara Group has played a very important role in the development of sport in the country and is an ideal partner to take the Force India F1 Team to greater success in the Formula One World Championship.”
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