Force India confirm Sergio Perez initiated legal proceedings, holding company owed £159m+ outstanding

Force India is in administration now as the financial fiasco that the team had been experiencing for some time and reached its tipping point.

Creditors started demanding money with Sergio Perez, BWT and Mercedes leading the way.

Force India are in administration, deputy team principal Bob Fernley has confirmed to BBC Sport. No further information at this stage

— Andrew Benson (@andrewbensonf1) July 27, 2018

A report had emerged last night that Sergio Perez had initiated the legal proceedings and that has been confirmed by Vijay Mallya today, as reported by BBC.

Also, the holding company is presently the biggest creditor with £159m+ outstanding.

BBC chief F1 writer Andrew Benson today released the news about Mallya confirming Perez’s involvement in instigating the legal proceedings and putting forth the £159 million figure in the public domain.

“Force India will keep running after being placed into administration. Team co-owner Vijay Mallya has told colleagues in a message that the action was instigated by Sergio Perez. Holding company is largest creditor with £159m+ outstanding. More, and story, soon” Andrew Benson tweeted.

Force India will keep running after being placed into administration. Team co-owner Vijay Mallya has told colleagues in a message that the action was instigated by Sergio Perez. Holding company is largest creditor with £159m+ outstanding. More, and story, soon

— Andrew Benson (@andrewbensonf1) July 28, 2018

The complete story hasn’t been unfurled as of now, with more details to come through later today, but earlier it had been reported that Force India owed Perez and Mercedes a combined figure of £14.5m.

How do Force India get themselves out of this mess?

Is there any billionaire saviour out there that can buy them off and let the team get back to normal?

Lawrence Stroll and Dmitry Martinez are the two possible suitors, if reports are to believed, with Stroll already having some kind of an arrangement with the team.

More details soon..