MaltaToday previous editions

MW 22 August 2018

Issue link: https://maltatoday.uberflip.com/i/1017392

Contents of this Issue

Navigation

Page 21 of 23

maltatoday | WEDNESDAY • 22 AUGUST 2018 22 SPORTS FORMULA 1 Russian potash producer questions Force India F1 takeover RUSSIAN potash producer Uralkali has questioned the process behind the sale of the Force India Formula One team after losing out in a battle be- tween billionaire fathers of young racing drivers. Uralkali co-owner Dmit- ry Mazepin is the father of 19-year-old Nikita, who races in the junior GP3 series and is a development driver for Force India. The team were put into ad- ministration at the end of July with a rescue deal led by Cana- dian Lawrence Stroll, the father of 19-year-old Williams F1 rac- er Lance, announced on Aug. 7. Uralkali, whose shares are quoted on the Moscow stock exchange, said in a statement on Tuesday that it had bid un- successfully for the outfit pre- viously co-owned by troubled Indian magnate Vijay Mallya. The statement did not men- tion Mazepin by name. "Uralkali considers that the process conducted by the ad- ministrator may not be in the best interests of Force India creditors and other stakehold- ers, and the sport in general," it concluded. Joint administrators Geoff Rowley and Jason Baker, for FRP Advisory LLP, responded by saying that "all bidders were given equal opportunity to sub- mit the best deal. "Throughout, we (the Joint Administrators) have closely followed our statutory duties and objectives as administra- tors and had the advice of ex- perienced legal counsel," they added in a separate statement. Uralkali said it submitted a proposal comprising two op- tions on Aug. 3. "Both options proposed suf- ficient funding to satisfy claims of all creditors in full and in- cluded an undertaking to pro- vide significant working capital and new investment program over a five-year term to en- sure success of Force India," it added. Uralkali said the administra- tor had then set deadlines that were not achievable for secur- ing a binding agreement with Force India shareholders and consent from Indian banks with a claim on Mallya's assets. The company added it was subsequently informed by email that the administrator had entered into an exclusiv- ity arrangement with another bidder. Lance Stroll is now expected to switch in 2019 from under- performing Williams to Force India, who have punched above their weight and finished fourth for the last two years. Both use Mercedes engines. Bratches hopes departing Alonso can be ambassador for F1 FERNANDO Alonso can be an ambassador for Formula One after the double world cham- pion bows out at the end of the season, the sport's managing director Sean Bratches said yes- terday. Speaking at a Black Book Mo- torsport Forum, the American said he was disappointed "from a business standpoint" that the 37-year-old Spaniard had decid- ed to call it a day but respected the decision. He also agreed with the McLaren driver's view that For- mula One had become too pre- dictable. "I hope we can engage him to be an ambassador for this great sport of ours going forward," said Bratches. Alonso, a double Monaco Grand Prix winner who won the Le Mans 24 Hours on his debut last June, will continue in the World Endurance Champion- ship (WEC) with Toyota next year and is expected to return to Indianapolis. A victory in the Indy 500 is all that stands between him and the "Triple Crown of Motorsport", a feat so far achieved only by the late Briton Graham Hill. Alonso won his world titles with Renault in 2005 and 2006 but last won a race with Ferrari in 2013. He joined former champions McLaren in 2015 and will bow out after 17 seasons in the sport, and 32 wins. He said at last week's Silver- stone Six Hours WEC race that Formula One lacked excitement in its current form and had be- come too predictable. "I stopped because the action on-track in my opinion I feel is very poor. In fact, what we talk about more in Formula One is off-track. We talk about polem- ics, we talk about radio mes- sages, we talk about all these things," he told reporters. "I think there are other series that maybe offer better action, more joy, and I think more hap- piness." Bratches said he would have advised the Spaniard to use dif- ferent words but could not ar- gue with the substance. "There is an opportunity for Formula One to be less predict- able and I think its important that we get there," he said. "Since 2015, only three teams have won a grand prix. So it is pretty predictable. "So I think he's right and we have a plan too fix it. I wish he was around for another 10 years to be part of that. He's been such a phenomenal ambassador for the sport, such a hero and a legend."

Articles in this issue

Archives of this issue

view archives of MaltaToday previous editions - MW 22 August 2018