Rich Energy's takeover bid for Force India F1 is understood to be just shy of £100M.GETTY IMAGES
A £100M ($133.8M) takeover of Force India Formula 1 "could be completed within days, insists the man behind the deal," according to Tom Cary of the London TELEGRAPH. Energy drinks firm Rich Energy CEO William Storey hit out at "external moves to destabilise" the proposed takeover, saying that he has already had an offer accepted "in principle" for the Silverstone-based Force India team. A Sales & Purchase Agreement is now being finalized, Storey claimed. Rich Energy's offer is understood to be "just shy" of £100M, down from the £150M ($200.6M) offer originally tabled, "after due diligence threw up snags, including various creditors who have yet to be paid." One of those creditors is engine supplier Mercedes, believed to be owed roughly £13M ($17.4M). There are "still conflicting noises coming out of the team." There may be "elements who would prefer to see Force India go under than sold to Storey's company." There are also rumors that Mercedes, together with sponsor BWT, "might be eyeing up a takeover" (TELEGRAPH, 6/9). F1I's Phillip van Osten reported Force India Deputy Team Principal Bob Fernley "dismissed claims from Rich Energy." While Fernley acknowledged that discussions had taken place, "no deal was imminent," he insisted. Fernley: "It's no secret that they've been interested, but so have other people. There's nothing moved forward to my knowledge. We've not been instructed about anything yet. All those issues are dealt with by the shareholders, they're not a team issue, so we don't have any involvement in it at all" (F1I, 6/10).
