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F1 2018

Pierre Gasly gets the Red Bull drive
I'm wishing we had betting shops here as I'm 2/3 of the way on my driver prediction for next season, I have a couple of bets with friends but no real money on them :mad: All I need now is Toro Rosso to say Lando Norris is replacing Gasly and I'm on for many free drinks in our local bar :thumbs:

Today Red Bull have announced Pierre Gasly will be racing alongside Max Verstappen at Red Bull, Gasly is reported as saying Helmut Marko called him to give him the news "just to let you know we've made our decision and we'd like you to race alongside Max" Marko told me", he also told the press "When the call ended I ran around the house shouting to my mates and they all jumped in the pool straight away. There was so much excitement and I was so happy because it's something I've wanted for a long time".

Force India's new owners could face legal challenge
Other groups who were bidding for force India have claimed the administrators may not have acted in the best interests of the team. One of the groups a Russian consortium have made a number of statement and are considering legal action. Uralkali, the company linked to the father of GP3 racer Nikita Mazepin, has questioned if administrators acted in either Force India or Formula 1's best interests when agreeing a deal for the struggling team to be bought by a consortium led by Lawrence Stroll. Force India entered administration last month following mounting financial difficulties in action triggered by driver Sergio Perez, but was rescued after a consortium led by Stroll, the father of current Williams driver Lance Stroll, agreed to buy the team. The deal saved all 405 jobs at Force India and secured its future in F1, but it has now been challenged by Russian chemical company Uralkali, among whose directors is Dmitry Mazepin, who had its own bid rejected.

Uralkali confirmed in a statement it had "assembled a team of professionals (including lawyers, accountants, insolvency experts and a Formula 1 specialist) to prepare and submit a competitive bid for Force India" on August 3, with options to either take a controlling stake in the team or acquire the business and assets. Upon our discussions with the shareholder representatives, it became apparent to us that the rescue option (at least on the conditions and within the timeframes put forward to us by the Administrator and consistent with our own code of integrity) was not achievable due to the complexity of legal structure, the extended period of time required to obtain consents of the 13 Indian banks and to obtain approval of a UK court for an amendment to the freezing injunction," the statement adds. "Uralkali submitted a restated proposal on August 6, 2018 which, due to the above reasons, no longer offered a rescue option but set out a very attractive proposal to purchase business and assets of Force India on a going concern basis."

Despite exploring various options over the days that followed, Uralkali claims that the court-appointed administrator, FRP Advisory, "refused to engage with Uralkali team, did not reply to phone calls and emails and communicated with Uralkali in a single email following close of business on August 7, 2018 that it had entered into an exclusivity arrangement with another bidder regarding a proposal to rescue the company. "Despite expiration of the deadline set by the Administrator, no rescue plan was submitted to the court for approval, which confirmed Uralkali’s view that the rescue option was not achievable in the timeline and under conditions proposed by the Administrator. Under these circumstances, it is surprising that no attempt was made by the Administrator to engage with Uralkali with respects to its bid for the assets and business of Force India."

The statement from Uralkali ended with the company questioning whether the administrator had acted in the best interest of either the team or F1 as a whole in agreeing a deal with the Stroll-led consortium. "Uralkali always emphasised its desire to bring transparency, proper corporate governance and financial stability to Force India, in this connection, Uralkali considers that the process conducted by the Administrator may not be in the best interests of Force India creditors and other stakeholders, and the sport in general" the statement reads.

Monza ticket sale very slow putting the race at risk once again

Monza's deal to host the Italian GP runs out after next year's race, with some fraught negotiations back in 2016 to put together a short term arrangement. Despite Ferrari's resurgent form in F1, it does not appear to have been enough to interest fans and a decline in sales for next month's race has raised fresh concerns about the future of the grand prix.

Speakin to Gazzetta dello Sport Angelo Sticchi Damiani, the president of the Automobile Club d'Italia said "A year ago Vettel had gone on holiday as the world championship leader, now he is in the role of pursuer. My wish is the exact opposite of what happened a year ago, when from Monza onwards Mercedes took off. We closed last year's race with a strong loss, and the 2018 budget will not be different either, it is clear that such a situation is not sustainable in the long term. The ACI is ready to do its part, but not under any conditions. Chase Carey has always told me that an F1 without Monza is unthinkable, and in four years it will celebrate its centenary. We agree on that, but we must also deal in facts".

The decline in sales will put fresh financial pressure on Italian officials and Damiani is worried that the money situation is unsustainable unless the rights fee paid to F1 is reduced.
 
Force India in a bit of a mess
Things at Force India appear to be in a right mess, firstly deputy team principal Bob Fernley has left with immediate effect meaning the team will now have to restructure. Fernley was brought into the team when Vijay Mallya obtained it from Spyker F1 back in 2008. It is reported that Lawrence Stroll told him that his services would no longer be required. Force India COO Otmar Szafnauer is now in charge of the entire team's management structure.

That is the least of their worries at the moment, as the team may also lose all its points to be able to race this weekend. The team, which remains in administration despite a recent announcement that it had been rescued by a consortium of investors led by Lawrence Stroll, reportedly risks dropping to last place in the standings as part of a rescue deal being put together by Liberty Media. The problem is that attempts to purchase the entirety of the team, it's assets and F1 entry were abandoned by Stroll and his investors after a number of creditors failed to approve the deal within the specified time frame. Instead, Stroll and Co Just purchase the team's assets, from the cars to the factory and racing equipment. However the F1 entry remains the property of Vijay Mallya and his partners. Without this, the team is unable to race.

Unsurprisingly Liberty Media are working hard behind the scenes to ensure that doesn't happen and are seeking the FIA to issue a new entry, but it's not clear if this would require all current teams to vote unanimously in favour or not and the FIA has yet to comment on the matter. A new entry will mean the team will have to race under a new name, hence why Force India branding has been removed from its vehicles and cars and it will be considered exactly that, a new entry, therefore its points will be scrapped.

Force India currently sits sixth with 59 points to its name, Sergio Perez and Esteban Ocon will retain their drivers points and they would essentially "switch" to the new team.

So in effect the new owners have therefore found themselves with a full racing team on their hands but no entry into the F1 world championship, as the British Ltd company remains the official entrant and that Ltd is still owned by Vijay Mallya.

If the team is considered a new entrant they would no longer be eligible for Force India's 2018 prize money, or qualify for F1 income in the first two years of its existence. This would prove very costly to the new consortium. The team would basically be starting from scratch at Spa, with a provision that would allow it to score championship points and be eligible for prize money for the remainder of the year [under the F1 prize money system they would only receive that money at the end of 2020].

What effect could this have on the driver line-up, well Lance Stroll could depart Williams for Force India, in exchange of Lawrence Stroll continuing funding his departed son's seat until the end of the year, while Robert Kubica will fill in for the Canadian. Could this also mean that Esteban Ocon ousted from Force India would replace Stoffel Vandoorne and McLaren, if so I think this will happen at Monza.

This is what the Force India trucks look like at Spa, no Force India logos
XPB_954067_HiRes.jpg


Kimi has re-signed to Ferrari
There is some precedence for Kimi’s announcement to occur around the Belgium Grand Prix for this was the period of time when his contract extension was agreed last year. The Italian media is convinced that Ferrari that history will repeat history and this weekend Raikkonen will remain at Ferrari for another single year contract extension.

Further, Leclerc is reportedly being readied to make a move from Sauber to Haas in an effort to allow a smooth transition to the main Ferrari team in 2020. Teaming up with Kevin Magnussen, and replacing the ill fated Romain Grosjean, who you could now consider a bit of an F1 veteran, is considered the best conditioning to becoming the eventual team mate of Vettel. It is believed that Antonio Giovinazzi, the youngster in the Ferrari program, will take Leclerc’s seat at Sauber. Perhaps this move would actually make better sense for the young Leclerc as the step up to Haas will allow him to mature before moving to Ferrari, but also Ferrari can better assess the Monegasque’s abilities against a proven driver in Magnussen.

It appears that Ferrari have gone for a more cautious boss in John Elkann, the grandson of former Fiat boss Gianni Agnelli, who replaced Marchionne as FCA Chairman of Ferrari, he prefers stability and certainly see’s that in Kimi.
 
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Latest on Force India
The F1 world is waiting for the FIA to sort-out the legal position surrounding the team formally known as Force India, it isn't an easy situation as the ramifications of their decision could cost the Stroll consortium tens of millions of dollars and put the takeover of the team in jeopardy. Experts in the F1 rules claim that for Force India to race this weekend, the FIA would have to grant the team an all-new team entry. But that would mean the team is not entitled to official F1 prize money, which endangers the viability of the rescue deal.

Apparently the FIA is investigating the legal issues and will make an announcement shortly according to Brazilian Globo news.

I have to wonder if this is all or in part down to the administrators forcing the deal through and may also help the other buyers, who argue that they were not given a chance to make a bid and were ignored by the administrators. What the fuck were the lawyers doing allowing Stroll to buy the assets of the team, such as the cars, the factory and racing equipment but not the Limited company that owned the rights to the F1 entry? Surely that is just basic common sense. Its like someone buying a house but not being allowed to buy the deeds. What a cluster fuck!

I'm sure that between them the FIA, Liberty Media and the stroll consortium will find a way through, but at what cost. The other teams will want something in exchange for them accepting any deal, but with the new concord agreement on the table how much will Liberty be willing to give up. If I were an team owner I'd be using my leverage to the max!
 
Spa drivers press conference
Part 1 Fernando Alonso (McLaren), Pierre Gasly (Toro Rosso), Daniel Ricciardo (Red Bull), Carlos Sainz (Renault)


Part 2 Marcus Ericsson (Sauber), Lance Stroll (Williams), Stoffel Vandoorne (McLaren), Max Verstappen (Red Bull)
 
Sahara Force India F1 Team "for now" called Racing Point Force India F1 Team
According to an official statement from the FIA it seems that "Force India" will be able to race this weekend albeit with a new name and considered a new entrant.

The FIA said the joint administrators of Force India Formula One Team have now completed the sale of the business and its assets to the consortium, now known as Racing Point UK Limited. Racing Point Force India is a completely new entity, starting with no points, with the former Force India entry excluded from the 2018 constructors’ championship. However, race drivers Sergio Perez and Esteban Ocon will keep their points in the drivers’ standings.

The FIA said in a statement: “Following a disciplinary investigation and prosecution by the FIA under Article 4 of the FIA’s Judicial and Disciplinary Rules, the Sahara Force India F1 Team has accepted its exclusion from the 2018 FIA Formula One World Championship with immediate effect, due to its incapacity to comply with Article 8.2 of the Sporting Regulations moving forward, and forfeits all Constructors Championship points under Article 6.2”.

Formula 1 Chairman and CEO Chase Carey commented: “We are very pleased that the situation around Racing Point Force India has been resolved and that the team will continue to race in Formula 1. It is also very gratifying that in partnership with the stakeholders involved we have been able to safeguard the livelihoods of the many hundreds of people working at its Silverstone base. It’s enormously important that we have a full grid of competitive, capable teams in Formula 1 and we are confident that Racing Point Force India will go from strength to strength in the future”.

FIA President Jean Todt added: “I am very pleased that a strong, positive outcome has been reached and welcome the mid-season entry of Racing Point Force India. Creating an environment of financial stability in Formula One is one of the key challenges faced by the sport, however thanks to the hard work of the FIA, the Joint Administrators, Racing Point and Formula One Management we have a situation now that safeguards the future for all of the highly-talented employees, and will maintain the fair and regulated championship competition for the second half of the season”.

Otmar Szafnauer will be the Team Principal and Chief Executive Officer of Racing Point UK Limited. he is reported to have said “This heralds a new and exciting chapter for us, just a few weeks ago, an uncertain future lay ahead, with more than 400 jobs at risk; now the new team has the backing of a consortium of investors, led by Lawrence Stroll, who believe in us as a team, in our expertise and in our potential to achieve success on the track. We are grateful to the FIA, the Joint Administrators and Formula One Management for their support in helping us achieve such a welcome outcome and ultimately, we trust, for the sport and its many fans”.

With the exclusion of Force India from the 2018 Championship they will now not receive any prize money for this season and with Racing Point Force India being considered a completely new entity, they will now not receive any prize money for 2 years, this is reported to be a loss of around $70million. I guess it depends on how the contract to buy Force India's assets is worded, so despite the fact that the new owners didn't buy the Limited company that owned the right to race, they may have some deal in place that means money owed to Force India for their last two season goes to the new owners.

It seems that the time delay in the new company buying the Limited company is because of legal action against both Subrata Roy and Vijay Mallya who are both facing legal in India. The 13 banks involved in part of the action against Roy and Mallya would have needed to give permission for the sale of the Limited company and it was claimed "there wasn't time to get such permissions".

I'm sure we will hear the full ins and outs of this over the weekend.
 
NEXT F1 RACE ON CHANNEL 4
24-26 August: Belgium GP -
Full Coverage

:cool:

Friday 24 August
9.55am - Practice 1 Live
1.55pm - Practice 2 Live

Saturday 25 August
10.55am - Practice 3 Live
12.55pm - Qualifying Live

Sunday 26 August
1pm - F1 Grand Prix Live
 
Lucky Racing Point Force India get to keep prize money
Racing Point Force India will be allowed to keep its prize money benefits worth an estimated $70 million from the past two Formula 1 seasons despite its rebrand and acceptance as a new, mid-season entry to the constructors' championship.

The FIA announced on Thursday it had come to an agreement with teams and the commercial rights holder to allow Racing Point Force India to re-enter the 2018 championship. The team will debut at Spa this weekend starting on zero points in the constructors championship, with the old Sahara Force India entry being excluded from the standings and docked all of its points.

The announcement did not make the technicalities of Racing Point Force India’s entry clear, but it was expected it would lose the right to the F1 prize money earned for competing in the past two years - known as the "Column 1" and "Column 2" payments, as it was technically a new team. It was for a similar reason that Haas has not been eligible for the Column 1 and 2 payment until 2018.

However the new Force India team principal Otmar Szafnauer confirmed today the remaining nine teams had agreed that the new team to retain its prize money benefits and its Column 1 and 2 payments, he is reported as saying "the remaining nine teams have signed a document that enables us to keep the money that Sahara Force India had earned in years past. We’re a new entrant, we start from zero. We’ll do the best we can to score as many points as we can in the remaining races and see where we end up at the end of the season. That will determine some of the prize fund for the following years.

There was also some confusion as to whether the new entry [Racing Point Force India] would continue with Force India’s existing power unit allocation from the season so far, or get a fresh allowance of all components. Szafnauer confirmed the team would not get a fresh allowance, with drivers Sergio Perez and Esteban Ocon continuing with their current numbers, "We had confirmation today from Charlie that we will continue with the engine allocation and gearbox allocation as if we never ceased racing, I think in his eyes, that was the most fair thing to do vis-a-vis the other teams. That’s how we’re going to go forward" Szafnauer said.

Racing back but so are the engine penalties

Both Valtteri Bottas and Nico Hulkenberg will start the Belgian Grand Prix from the back of the grid after taking engine penalties. Mercedes opted to change all six engine elements in Botta's car, while Renault have also carried out the complete change in Hulkenberg’s machine. The pair will start from the back row, but speaking before the weekend, and thinking about whether he may be given penalties, Bottas said Spa was one of the best places to start from the back.

Senior team personnel press conference
Part 1, Cyril Abiteboul (Renault), Gil de Ferran (McLaren), Christian Horner (Red Bull)


Part 2, Otmar Szafnauer (Force India), Franz Tost (Toro Rosso), Claire Williams (Williams)
 
Force India mess rumbles on
Uralkali one of the other bidders for Force India have now issued an ultimatum to FRP Advisory LLP the administrators, it reads "Uralkali has serious concerns about the conduct of the bid process for the acquisition of Force India. Debevoise & Plimpton LLP, Uralkali's lawyers have accordingly this evening written to the administrators, FRP Advisory LLP, informing them that unless satisfactory explanations are forthcoming by 10 a.m. British Summer Time on 10 September 2018, court proceedings will be brought against them".

It is hard to get the full details of what is going on behind the scenes but what seems to have happened is this; Force India was placed in administration on 27 July by Brockstone, the company which manages Sergio Perez who was reportedly owed $4 million by the team. This was done to stop HMRC winding up the company because of Taxes owed.

The administrators FRP then set a deadline of midday on 17 August by which time interested parties had to register their bids. It appears that the administrators didn't take into account the fact that 13 Indian banks had already put a worldwide freeze of all of Vijay Mallya's assets, so in fact "Force India Ltd" (which owned the entry into F1) could not be sold without all the banks agreeing to the sale, selling the assets was a move which didn't require the approval of the banks as the administrator has full control over a company's assets whilst in administration.

There is talk that both FOM and the FIA looked at the Stroll bid in a favorable way, but with other potential bidders one wouldn't usually expect the sport's regulator to have had a favoured bidder when the administrator began the bidding process. Then, at a time everyone thought the deal was done and dusted and all that remained was a new official team name and the confirmation of the team's 2019 line-up, Uralkali, one of the world's largest potash producers and exporters, revealed that it submitted a proposal to purchase the business and assets of Force India as a going concern but was ignored by FRP. In a statement is said "On August 3, 2018, Uralkali submitted a proposal comprising two options: 1) to rescue Force India as a going concern and to acquire a controlling stake in Force India to safeguard Force India from insolvency; and 2) to acquire the business and assets of Force India from the company in administration to enable the business to continue as a going concern in a new vehicle under new ownership. Both options proposed sufficient funding to satisfy claims of all creditors in full and included an undertaking to provide significant working capital and new investment program over a 5-year term to ensure success of Force India".

Crucially, the statement claims that these options met legal requirements as "under English law, the objectives of the Administrators' activities are to rescue Force India as a going concern or, if that is not possible, to achieve a better result for the company's stakeholders as a whole". Not only is Uralkali chairman and shareholder Dmitry Mazepin the father of Force India test driver Nikita Mazepin, it has been revealed that he previously helped fund Force India to cover its increased costs in 2016 due to the regulation changes set for the following year.

Uralkali admits it had to abort its initial plans due to the time-frame set by FRP. In addition to getting consent from the 13 banks by 17 August the statement claims that "on August 4, 2018 (a Saturday), the Administrator informed Uralkali that it would only consider the proposed rescue option if Uralkali provided, by 4pm on August 6, 2018 (i.e. in less than one business day), a binding agreement with Force India`s shareholders to acquire their stakes".

Uralkali's statement adds that to address the timing hurdles it submitted a restated proposal on 6 August which "no longer offered a rescue option but set out a very attractive proposal to purchase business and assets of Force India on a going concern basis". It claims its bid still involved clearing all of Force India's debts, including what it calls "questionable last-minute claims", a cash consideration being paid to the team's shareholders and commitment to a development plan for the team and an incentive plan for its employees.

However, Uralkali claims it hit a brick wall. "Following the submission of our proposal, the administrator refused to engage with Uralkali team, did not reply to phone calls and emails and communicated with Uralkali in a single email following close of business on August 7, 2018 that it had entered into an exclusivity arrangement with another bidder regarding a proposal to rescue the company. Despite expiration of the deadline set by the Administrator, no rescue plan was submitted to the court for approval, which confirmed Uralkali's view that the rescue option was not achievable in the timeline and under conditions proposed by the Administrator. Under these circumstances, it is surprising that no attempt was made by the Administrator to engage with Uralkali with respects to its bid for the assets and business of Force India.

The statement stresses that over the course of the bidding process and discussions with the Administrator, Uralkali insisted on a transparent and fair process to ensure equal opportunities for each bidder. In particular, Uralkali proposed that the bidding process be conducted by way of the submission in sealed envelopes of best and final bids to be opened in the presence of appointed representatives of the interested bidders. However, this proposal was rejected by the Administrators."

Responding to the claim, FRP replied "All bidders were given equal opportunity to submit the best deal for Force India. Throughout, we (the Joint Administrators) have closely followed our statutory duties and objectives as administrators and had the advice of experienced legal counsel".

While this situation appears to be heading to Court I believe the outcome will remain the same, with the Stroll consortium owning Force India, but if what Uralkali claim above is correct, the administrators could end up paying them compensation and facing some sort of sanction for failing to follow the law around administration.
 
I meant to post this on the thread for people looking for a business to go self-employed. My friends son started a business in Texas, what he does is go into peoples homes and link up all their equipment to work through their modem, he started about 18 months ago and now is running his company in 3 cities. I'm sure that would also work in the UK. I asked him how much he spent on marketing and he told me nothing, he just issues a press release in his local city and radio stations, local TV and papers all contacted him and ran stories about his company. His press release just had loads of stories about how easy it is to hack with some nightmare stories :)

In the USA local media are always looking for content so it was easy, he said :)
 
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