Mallya rubbishes talk of Force India resignation

Force India's team principal and managing director Vijay Mallya has stressed that he still remains at the helm of the team, despite having recently stepped down as United Spirits chairman.

Last week, the Indian business tycoon had announced his resignation from his role at USL after an agreement was reached with Diageo.

The news sparked speculation that he is no longer the part owner of the Silverstone-based team.

However, the 60-year-old has denied any such claims. "Nothing has changed at Force India. I remain team principal and managing director," Mallya told the Press Trust of India.

"If you take loan, you give some shares as security. That does not mean security has changed.

"Diageo may have security over my shares but ownership has not changed. I don't know why everybody is making a deal about it."

The Force India boss went on to clarify the situation, saying: "Formula One has nothing to do with my stepping down from United Spirits. They are not connected at all.

"In F1, nothing has changed. The ownership pattern remains exactly the same."

UK-based company Watson Ltd has the control of the F1 team and not USL - which has seen the major shuffle.

Mallya still owns 42.5 percent of Force India's shares, along with Sahara also having 42.5 percent and the remaining 15 percent belonging to the Mol family.

Sahara however, as reported earlier this month, is expected to sell its stake in the team, although it has yet to find a buyer. 

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About this article
Series Formula 1
Teams Force India
Article type Breaking news
Tags mallya