Bernie Ecclestone took an active role in saving Force India from bankruptcy.getty images
Former Formula 1 CEO Bernie Ecclestone was revealed as "one of the driving forces behind the dramatic rescue of the Force India team" last Tuesday, according to Christian Sylt for FORBES. In one of the "quickest turnarounds in F1’s 68-year history, the team secured investment from several billionaires less than two weeks after it crashed into Chapter 11 bankruptcy," with net losses of $14.9M showing on its latest financial statements. The consortium is "led by fashion industry tycoon Lawrence Stroll," who helped develop the Tommy Hilfiger brand and has a fortune estimated at $2.7B. Ecclestone "tipped him to get the keys to Force India just three days after the team collapsed." Ecclestone is a "longstanding associate of Stroll" and is also "well-acquainted" with John McCaw Jr., "another key figure in the consortium that now owns Force India." Although Force India’s new owners have "deep pockets," they did not pay the asking price when the team was put on sale by the previous owners (FORBES, 8/13).
