Sahara seeks to sell its shares in Force India
Imprisoned for nearly two years, Subrata Roy, the owner of Sahara, is forced to sell his main assets. Sahara Force India could be part of the lot.
The two owners of Sahara Force India have been making headlines in the economic news for several years, but not for the right reasons. Subrata Roy, for example, has been incarcerated by the Indian justice system until he compensates the investors defrauded by an investment program that Sahara had set up.
The amount at stake is considerable as it reaches 4.8 billion euros. Under these circumstances, the businessman is therefore forced to sell numerous prestigious properties such as the Gosvernor House hotels in London, the Plaza Hotel in New York, or the Sahara Star in Mumbai. Another involvement is the one held in Sahara Force India. In 2011, Subrata Roy made his entry into the F1 paddocks through a 42.5% stake in the Silverstone team and a promise of a 100 million dollar investment.
But if Sahara is looking to sell, it will need to find a buyer. However, one of its co-shareholders, Vijay Mallya, is unlikely to be a candidate for the buyout as he is himself entangled in legal and financial troubles, with his bank debt estimated at $1.2 billion.
It remains to be seen if the Diageo group will manage to take control of the team in the dispute against Vijay Mallya, who sold him the majority of his alcohol brand group’s shares. It was this group that had attempted to reach an agreement with Aston Martin, before it fell through. Its brand Johnnie Walker is still expected to join the team, after leaving McLaren.
All this situation should not help the team, which did have a very good end of the season and approaches the beginning of the year with great ambitions.
With the participation of www.racingbusiness.fr
