Ex-Force India Formula 1 boss Otmar Szafnauer has revealed the heroic choice he made to ensure the team’s staff were paid when the crisis at the outfit was at its worst.
Force India’s demise in 2018 became one of the talking points of the paddock that season, as the cash-strapped team levied for a buyer to rescue its season.
A consortium backed by Lawrence Stroll stepped in before the Hungarian Grand Prix, transforming the team into Racing Point, with son Lance arriving in 2019, where he remains today.
Such was the dire situation at the team before the buyout; Szafnauer has confirmed that he paid the entire team’s salaries on more than one occasion as reality hit home.
Speaking on the High Performance podcast, he confessed he did this twice, the amount required quite substantial, as he did his best to keep the team going through its trials.
“Twice…It wasn’t that much.”
He confirmed the true amount reached into six figures. “It was in the millions,” he added.
A heroic act of leader
Revealing where the significant funds needed to accomplish this heroic act came from, he confirmed another company he had involvement in had capital available.
“I paid it with the help of my partner at Soft Pauer,” he revealed.
“We had money in the business. I had my own money. And I knew the salaries were not going to get paid, and I knew how difficult that is for people.
“Some people live paycheck to paycheck, and I understand it.
“We had to pay the salaries, and the Formula 1 money was coming in five days’ time. So say the salaries are due on a Friday, and we’re getting the Formula 1 money the following Wednesday.
“So I could have waited, not paid on Friday, or paid with my own money and then waited until Wednesday to get that money back from when the Formula 1 money came.”
Szafnauer’s heroics did not translate into job security, as he left the team prior to the start of the 2022 season, joining midfield rival Alpine the following month.
His time at Alpine also proved difficult, being dramatically fired on the Friday of the 2023 Belgian Grand Prix, citing differences in the team’s direction as the cause of his departure.
Discussion about this post