Sochi: Russian potash producer Uralkali announced legal action against the administrators of the Force India Formula One team Thursday after losing out in what it called a flawed sale process.
The company said in a statement it had started proceedings in the London High Court and was seeking substantial damages for prejudicial and unequal treatment. Joint administrators Geoff Rowley and Jason Baker, for FRP Advisory LLP, said, however, that they were unaware of any such action against them.
“No such claim has been received by us or, as far as we are aware, by the Court. We have fulfilled our statutory duties as administrators throughout this process and ultimately achieved a very successful outcome for all stakeholders. Any legal action brought against us will be defended vigorously, and we are confident it would be dismissed,” they said.
British-based Force India went into administration at the end of July before a rescue deal led by Canadian billionaire Lawrence Stroll, the father of 19-year-old Williams F1 driver Lance, was announced August 7.
Uralkali co-owner Dmitry Mazepin is the father of 19-year-old Nikita, who is a development driver for Force India. The team are competing at this weekend’s Russian Grand Prix.
The statement did not mention Mazepin but emphasised the business rationale behind Uralkali’s bid. “The Company sells its fertilisers to more than 60 countries worldwide, including 20 in which Formula One holds its Grand Prix Championship,” it said.
“For several years, Uralkali, together with one of its subsidiaries, has been a partner of Force India and one of the sponsors of the Russian Formula One Grand Prix in Sochi,” it added. “Force India would be a highly effective and valuable marketing tool for the business.”
