Force India Auditors Grant Thornton Question Team's Finances

Troubled F1 "suffered another blow with doubts being raised about the finances of racing team Force India by its auditors," according to Alan Tovey of the London TELEGRAPH. Northamptonshire-based Force India "has posted accounts showing it made a net annual loss" of £38.5M ($61M) in the year to Dec. 31, up from £33.4M the previous year. The financial report noted that Force India F1 Team Ltd. received £17M ($27M) "during the year from its parent company, Luxembourg-registered Orange India Holdings Sarl." Auditors Grant Thornton "highlighted the funding Force India received from Orange India Holdings as a cause for concern." Referring to Force India’s losses and net liabilities of £49.1M ($78M), Grant Thornton said, “These conditions indicate to us that the continued support of the company’s parent, Orange India Holdings ... is necessary if the business is to continue as a going concern" (TELEGRAPH, 11/9).