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F1 Team exits administration - saves 405 jobs

F1 team Force India out of administration Credit: PA Images

Force India have agreed a deal to come out of administration and all 405 jobs with the team have been saved, the Formula One outfit have announced.

The deal has been agreed between the joint administrators, a consortium of investors led by Lawrence Stroll, and the Silverstone-based team's senior management.

The investors are Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecommunications investor John McCaw Jr, financial expert Michael de Picciotto, businessman Stroll and his business partner Silas Chou.< Stroll is the father of Lance Stroll, who currently drivers for the Williams F1 team.

An exclusivity agreement signed on Tuesday means that the team will be able to exit from administration, all creditors will be paid in full, all jobs will be saved and ongoing funding guaranteed.