F1: Vijay Mallya relinquishes his position as managing director of Force India
As Indian courts have asked the United Kingdom to expedite the extradition of Vijay Mallya to India, the Indian liquor baron and team boss of Force India has decided to relinquish his position as managing director of the team. He will, however, continue as Team Principal of the outfit, with Bob Fearnley remaining the team's Deputy Principal.
Vijay Mallya steps down from role as managing director of Force India
It is expected that Mallya will hand over the role of managing director to his son Siddharth Mallya, who has in the past served as a director for cricket team Royal Challengers Bangalore. Mallya has cited his need to focus on his legal issues as the reason for the move.
While rumours about Force India's finances and possible sale continue, Mallya, in a conversation with Autosport declared that he has no intention of selling the team at the present moment. However, he also continued to say that the team is looking for sponsors, and if and when a good offer for a buy-out comes along, there would be a joint discussion between Mallya and the other owners of the team.
The Sahara Force India Formula 1 Team is currently owned by Vijay Mallya, Subrata Roy, each of whom own 42.5 per cent of the team. The remaining stake of 15 per cent belongs to the Dutch Mol family, headed by businessman Michiel Mol.