Vijay Mallya, the co-owner of the Force India F1 team has stepped down as a director of the Silverstone-based squad, handing over the board seat to his son Siddarth Mallya.
The 62-year-old flamboyant business tycoon is currently embattled in an extradition procedure between the United Kingdom and India, his home country.
For several years now, Mallya has been embroiled in financial scandals and accused by India’s authorities of fraud and money laundering, which he has persistently denied.
-
Rich Energy and Force India: Much ado about nothing…
Mallya was part of a consortium that bought Force India – a team that originally started its life as Jordan Grand Prix back in 1991 – in 2008 from Dutch company Spyker cars.
Click Here: Cardiff Blues Store
The current ownership of the team includes Mallya and fellow Indian businessman Subrata Roy, who own 42.5% each, and former Spyker shareholder Michiel Mol who owns 15% of the outfit.
Official documents attest that Mallya relinquished his mandate as a director of Force India last week, on May 24. With personal litigation pending, Mallya’s decision is perhaps the best course of events for a team that obviously needs to protect its assets. He will retain however his role as team principal with the pink squad.
Force India’s current management structure is expected to remain unchanged, with Bob Fernley continuing as deputy team principal and Otmar Szafnauer acting as chief operating officer.
Persisting rumors about a possible buy-out of Force India by Rich Energy have failed to come to fruition, with many believing the story was just a publicity stint by the inconspicuous energy drink company.
Gallery: The beautiful wives and girlfriends of F1 drivers
Keep up to date with all the F1 news via Facebook and Twitter