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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.

Lewis Hamilton agrees Mercedes contract extension

Lewis Hamilton has signed a new contract. Credit: PA

Stevenage star Lewis Hamilton has agreed a two-year contract extension with Mercedes through to the end of the 2020 Formula One season.

It ends a long-running contract saga with a deal reported to be worth up to £40m a year to the four-time world champion.

It cements the 33-year-old's status as Britain's biggest sporting earner as well as the best-paid driver in Formula One history.

Hamilton told the Mercedes website the contract had been a "formality since Toto and I sat down during the winter".

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"I have been part of the Mercedes racing family for 20 years and I have never been happier inside a team than I am right now.

"We are on the same wavelength both on and off track - and I am looking forward to winning more in the future and shining even more light on the three-pointed star. I'm very confident that Mercedes is the right place to be over the coming years."

– Lewis Hamilton
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