The Force India Formula One team has been rescued from administration by a consortium of investors led by Lawrence Stroll, the father of Williams driver Lance Stroll.
The news emerged on Tuesday evening after administrators weighed up a series of offers for the business. The team had faced the threat of a winding up order ahead of the Hungarian Grand Prix after its driver Sergio Perez brought legal action against it over his unpaid salary. That led to the team entering administration on July 27 in the hope of finding new owners who could service the team's debts.
Under the terms of the agreement signed on Tuesday, the new investors will ensure all creditors are paid in full and all 405 jobs at the team are secured. The news ends months of speculation about Force India's future, with former joint owner Vijay Mallya currently fighting extradition from Britain to India to face charges of fraud, which he denies.
Force India COO Otmar Szafnauer worked with the administrators to find new investors and is confident the team's future is bright.
"This outcome secures the future of the Force India team in Formula 1 and will allow our team of racers to compete to our full potential," Szafnauer said. "I am delighted that we have the support of a consortium of investors who believe in us as a team and who see the considerable business potential that Force India has within F1 now and in the future.
"At Force India, our expertise and commitment has meant that we have always punched above our weight and this new investment ensures that we have a bright future ahead of us. I also would like to thank Vijay, the Sahara Group and the Mol family for all of their support and taking the team as far as their circumstances would allow."
Joint administrator Geoff Rowley added: "It is rare that a company can be rescued and returned to a position of solvency. The quality of the various interested parties has been impressive and required careful consideration as the administration has progressed. Having followed a robust process, in the end we were left with a highly-credible offer to save the company and restore solvency. All creditors will be paid in full, all jobs will be preserved, and the team will have significant funding to invest in its future.
"Funding to support the team will be made available from today, and significantly more will be available once the company emerges from administration which we expect within the next two to three weeks."
The news means the team should be in a stronger position to fight in this year's championship after a lack of funding led to a delay in new parts hitting the track earlier this season. Force India is currently sixth in the constructors' standings after finishing the last two seasons in fourth.
The arrival of Stroll as an investor is likely to see his son Lance join for 2019, although no details of future driver line-ups have been made clear at this stage. Stroll junior made his debut with Williams last year and has been supported in F1 by funding secured by his father.