Force India was a "matter of weeks" from closing its doors and ceasing to exist as a Formula 1 team, according to Team Principal and CEO Otmar Szafnauer.
The operation faced financial problems stemming from the personal issues encountered by co-owner Vijay Mallya, and was placed into administration during the Hungarian Grand Prix weekend.
A consortium of investors, led by Lawrence Stroll, rescued the team, which is competing from this weekend’s Belgian Grand Prix as a new entrant, under the Racing Point Force India banner.
The new entrant is effectively the same Force India squad that competed in the first half of the season, using the VJM11 and fielding Sergio Perez and Esteban Ocon.
The operation has retained its prize money, following an agreement with all other Formula 1 teams, but will start from the foot of the Constructors’ Championship this weekend.
“It was pretty close,” said Szafnauer, reflecting on the team’s existence earlier this year.
“I think there were some of the creditors and legal actions to go down the insolvency route instead of the administration route. I think that’s a technicality of bankruptcy, one route or the other.
“But the significant difference is insolvency you close the doors and you sell the assets and you’re done, whereas administration, the administrator tries to find a solution for the company to keep it going, and we were very close to insolvency, not administration.
“So it was only a matter of days or weeks.
“The solution was a good one in the end for the team, the employees, the fans and I think Formula 1 in general.”
Force India’s participation in Belgium remained a doubt until the official entry was approved and ratified by the FIA, and Szafnauer admitted there were some nervy moments.
“It was unprecedented, it’s never happened before, so it was hard to predict [what would happen],” He said.
“And if your future is hard to predict that uncertainty gives you a sense of anxiety, I don’t know what’s going to happen.
“Whether it’s this or anything else in life, if you can’t predict then you become anxious.”
