Failed Force India bidder threatens legal action
A Russian company that put in a bid to buy the Force India Formula 1 team has threatened to take legal action against the administrators, FRP Advisory LLP, over what they believe to be an unfair bidding process.
Uralkali, which has close links to Dmitry Mazepin, father of GP3 driver Nikita Mazepin, is a Russian potash fertiliser producer and submitted a bid to take over the British-based team.
However the administrators chose a bid submitted by a consortium of investors led by Lawrence Stroll, which has led to the current situation with Racing Point Force India taking up a new entry, allowing it to continue racing.
Uralkali issued a statement earlier this week in which is questioned whether the winning bid is "in the best interests of Force India's creditors, stakeholders, and the sport".
The company has now gone a step further and threatened legal action if the answers it seeks over the process aren't provided in a little over a fortnight.
“Uralkali has serious concerns about the conduct of the bid process for the acquisition of Force India," a statement read.
“Debevoise & Plimpton LLP, Uralkali’s lawyers have accordingly this evening written to the administrators, FRP Advisory LLP, informing them that unless satisfactory explanations are forthcoming by 10 a.m. British Summer Time on 10 September 2018, court proceedings will be brought against them.”
A statement by FRP Advisory insisted the process was fair and the best deal on the table won out.
“All bidders were given equal opportunity to submit the best deal for Force India. Throughout, we (the Joint Administrators) have closely followed our statutory duties and objectives as administrators and had the advice of experienced legal counsel."