1. ITV Report

Silverstone based Force India in administration

Silverstone based Force India say they will be taking part in this weekend's Hungarian Grand Prix despite being placed into administration.

It's understood that driver Sergio Perez is owed more than 3 million pounds, while the team's engine supplier Mercedes are owed more than 11 million pounds.

Sergio Perez Credit: PA Wire

It is understood that Five separate parties are believed to be interested in buying the team.

Canadian fashion billionaire, Lawrence Stroll, whose son Lance drives for Williams, is believed to be among the potential buyers.

"I think investment is imminent. I know there's discussions going on in the background and I'm not privy to those because it's a shareholder issue."

– Force India's chief operating officer Otmar Szafnauer
Silverstone based Force India in administration Credit: PA Wire

Force India, based at Silverstone and co-owned by Vijay Mallya, have consistently over-delivered on one of the smallest budgets in F1.

They finished fourth in the constructors' championships last year - behind only the sport's big three of Mercedes, Ferrari and Red Bull. This season they are fifth after 11 races.