Vijay Mallya leaves the board of directors of Sahara Force India
In order to focus on his legal battles, Vijay Mallya has decided to step down as head of the Sahara Force India board, replaced by his son.
It is well-known that Vijay Mallya has been at the center of political and financial affairs in India for many years. His troubles crystallized with the resounding bankruptcy of his airline, Kingfisher Airlines, which had an impact on all of his assets, including his spirits group.
This led the Indian authorities to request his extradition from the United Kingdom and to revoke his passport. That’s why he’s no longer able to travel abroad, particularly for the F1 Grand Prix.
So far, this has not prevented him from continuing to lead Sahara Force India, which managed to secure fourth place in the Constructors’ Championship over the past two seasons.
But a first step of disengagement has just been taken with the announcement that he is leaving the chairmanship of the team’s board in favor of his son Siddarth, as he confirmed to our colleagues at Autosport: « I continue to be the team director. There was no obligation to resign. I simply decided that my son should replace me. I have my own legal issues to resolve. It is therefore better for the company to remain uninvolved. »
This decision can only reignite rumors of a sale of his stake, which has amounted to 42.5% of the capital since the sale of an identical percentage to Subrata Roy in 2011. The latter is also involved in numerous legal issues, which led to him spending three years in prison and being released on bail only last May.
But the businessman continues to assert that there is nothing concrete to declare on this front: “We are not walking around with a ‘For Sale’ sign. Ultimately, we need to focus on getting the best performance out of the car and that’s our priority. We are concentrating on finding more sponsors. Don’t forget that there are three shareholders, I am not alone. If someone comes with a serious offer and puts money on the table, we will consider it together.”
It now remains to be seen what the next steps will be as the name change, discussed since last summer, has still not materialized.
With the participation of www.racingbusiness.fr
