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Sahara Group buys into Force India F1 - Vijay Mallya confirms co-ownership of Force India

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Sahara Group buys into Force India F1
Credit: Force India F1 Images
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This is F1Minute - Sahara Group buys into Force India F1.

Vijay Mallya, has confirmed that Force India has a a new co-owner, in the shape of the sports promoter firm Sahara India Pariwar, and that the team will run under a new name of Sahara Force India. Mallya’s shareholding has been reduced a little to equal Sahara’s at 42.5% with the Mol family dispensing with most of their shares to just retain 15%.

Speaking of the deal at the press conference in New Delhi earlier today, Mallya said: “The advent of India in this exciting sport has remained a matter of pride for all our countrymen. The Sahara Group has played a very important role in the development of sport in the country and is an ideal partner to take the Force India F1 Team to greater success in the F1 World Championship.”

The only slightly embarrassing side to this announcement is that it comes just five days after Mallya denied that he was selling any part of the team at all. He released a statement after speculation arose, saying: “I was shocked to read a media report that I am selling the Force India team. This is completely untrue and without any basis whatsoever.”