Sahara Force India F1 Team
Esteban Ocon driving the Sahara Force India F1 Team VJM11 Mercedes leads teammate Sergio Perez during the Grand Prix of Hungary at Hungaroring on July 29, 2018.Charles Coates/Getty Images

Force India Formula One Team is all set to get a lease of life under Canadian businessman Lawrence Stroll led consortium. The new owners have agreed on a deal to bring the Silverstone based F1 team out of administration.

The future of the team was hanging after London High Court placed the team into administration on the Friday (July 27) before the Hungarian Grand Prix, following an action brought by the driver Sergio Perez. It is uncertain if  405 jobs will be axed or not.

Force India team
Force India team prepare on the grid before the Formula One Grand Prix of France at Circuit Paul Ricard on June 24, 2018Mark Thompson/Getty Images

Following the court intervention Chief Operating Officer of Force India, Otmar Szafnauer worked with the administrators (FRP Advisory LLP) to find a buyer and Lawrence Stroll-led consortium emerged as the bidder of choice.

Stroll, who is the father of current Williams F1 team driver Lance Stroll is an investor, collector of vintage Ferraris and owner of Circuit Mont-Tremblant, Quebec, Canada. The consortium for the Force India buyout also includes 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.

Buddh International Circuit
Adrian Sutil of Sahara Force India F1 Team during Grand Prix of India, FIA Formula One World Championship 2013Getty Images

The newly-formed consortium will take over the ownership of Force India from Vijay Mallya, Subrata Roy (Sahara Group) and the Mol family. "I am delighted that we have the support of a consortium of investors who believe in us as a team and who see the considerable business potential that Force India has within F1 now and in the future," said Szafnauer.

10 years of Vijay Mallya at helm ends

Under the new ownership, Force India is expected to have a major overhaul in key positions. The exit of Vijay Mallya and Sahara Group means the Formula 1 team is no longer connected to India. There is a high possibility for change in the name of the team starting from 2019 season.

Force India F1
File photo of F1 drivers Sergio Perez (L) and Esteban Ocon with Force India co-owner Vijay Mallya.Mark Thompson/Getty Images

Force India team was formed in October 2007 by a consortium led by Mallya and Dutch businessman Michiel Mol after the duo bought the Spyker F1 team for 90 million euros. Sahara group stepped in later in 2014. In the last 10 years under the helm of Mallya, Force India was successful and consistent in finishing the constrictor's championship behind top teams like Mercedes and Ferrari. Force India in the 2018 season is at sixth in the constructors' championship, seven points behind Haas and seven clear of McLaren.