NEW DELHI -- Indian sports promoter Sahara India Pariwar has paid $100 million for a 42.5 percent share in Formula One team Force India.
Sahara and current team principal Vijay Mallya have an equal ownership stake, with the remaining 15 percent in the hands of the Mol family, which previously owned the Spyker team.
The team will now be called Sahara Force India.
Mallya had denied reports of an imminent sale, but said Wednesday that Sahara was "an ideal partner to take the Force India F1 team to greater success."
Sahara sponsors an Indian cricket team of the same name.
Force India is sixth in the constructors' championship with 48 points.