The Force India Formula 1 team has been saved from administration by a 🃏consortium of investors led b🎀y Lawrence Stroll. 

Force India entered administration on the eve of the Hungarian Grand Prix weekend after driver Sergio Perez started legal action against the team in the hope of warding off a winding up petition, but a bid𒁏 from Stroll, the father of Wi❀lliams driver Lance Stroll, has been accepted by administrators. 

The news emerged on Tuesday evening and means all creditors will be paid in full, while all 🧸405 jobs at the team have been secured as a result. Force India chief operations officer Otmar Szafnauer worked with the administrator to find investors in order to safeguard the future of the team. 

"This outcome secures the future of the Force India team in Formula 1 and will allow our team of racers to com🔥pete to our full poღtential," Szafnauer said. 

"I am delighted that we have the support of a consortium of investors who believe inꦕ us as a team and who see the c🌃onsiderable business potential that Force India has within F1 now and in the future.

"At Force India, our expertise and commitment has meant that we have always punched above our weight 🤡and 𒉰this new investment ensures that we have a bright future ahead of us. 

“I also would liꦰke to thank Vijay, the Sahara Group and the Mol family for all of their support ⛦and taking the team as far as their circumstances would allow.”

Several parties had expressed an interest, but the consortium led by Stroll and including Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecommunications investor John McCaw Jr, financial expert Michael de Picciotto, and Stroll's business partner Silas Chou, secured the all-important deꩲal.

Joint administrator Geoff Rowley added: "It is ra✅re that a company can be rescued and returned to a position of sol🦋vency. 

"The quality of 🦹the various interested parties has been impressive and required ca🗹reful consideration as the administration has progressed.

"Having followed🔯 a robust process, in the end we were lef🦂t with a highly-credible offer to save the company and restore solvency.

"Funding to support the team will be made available from today, and significantly more will be available once the company emerges from administration which wꦗe expect within the next two to three weeks."

The agreement ends months of speculation surrounding the Silverstone-based squad's future, with former team director Vijay Mallya currently fi💝ghting eജxtradition from the UK to India.

It does, h🍎owever, raise further questions over the driver market situation for 2019 an𒉰d the future of Esteban Ocon, with Lance Stroll having been linked with a move to Force India in recent weeks.