<p class="title">The Force India Formula One team went into administration, as expected, late Friday evening in London following a High Court hearing brought by a winding-up order.</p>.<p class="bodytext">Deputy team principal Bob Fernley confirmed the action, telling reporters that an "administrator was appointed by the court for Force India this evening".</p>.<p class="bodytext">There was no further immediate comment from the team, which, on Friday, had said it hoped to resolve its critical cash-flow difficulties with the help of new investment, while under administration.</p>.<p class="bodytext">The team's senior driver Sergio Perez on Thursday said the situation was "critical".</p>.<p class="bodytext">The Mexican driver is reportedly owed more than four million dollars while engine suppliers Mercedes are owed more than 15 million dollars.</p>.<p class="bodytext">The team's second driver Esteban Ocon, who is under contract until the end of 2019, is expected to leave the team to join Renault for next year in a transfer that may help alleviate the problems.</p>.<p class="bodytext">Both drivers and the rest of the team are in Budapest preparing for this weekend's Hungarian Grand Prix.</p>.<p class="bodytext">Main shareholder and team principal Vijay Mallya is fighting extradition to India from Britain as a result of actions taken by Indian banks following the collapse of his Kingfisher Airlines.</p>.<p class="bodytext">The team's chief operating officer Otmar Szafnauer told a news conference on Friday at the Hungaroring circuit that he was optimistic a solution was about to be found.</p>.<p class="bodytext">"I think it's imminent. There's discussions going on in the background and I am not privy to those because it is a shareholder issue... But it will be very soon."</p>.<p class="bodytext">Canadian billionaire Lawrence Stroll, father of Williams' teenager driver Lance Stroll, has been linked with the team as an investor in a move that would also see his son move teams.</p>
<p class="title">The Force India Formula One team went into administration, as expected, late Friday evening in London following a High Court hearing brought by a winding-up order.</p>.<p class="bodytext">Deputy team principal Bob Fernley confirmed the action, telling reporters that an "administrator was appointed by the court for Force India this evening".</p>.<p class="bodytext">There was no further immediate comment from the team, which, on Friday, had said it hoped to resolve its critical cash-flow difficulties with the help of new investment, while under administration.</p>.<p class="bodytext">The team's senior driver Sergio Perez on Thursday said the situation was "critical".</p>.<p class="bodytext">The Mexican driver is reportedly owed more than four million dollars while engine suppliers Mercedes are owed more than 15 million dollars.</p>.<p class="bodytext">The team's second driver Esteban Ocon, who is under contract until the end of 2019, is expected to leave the team to join Renault for next year in a transfer that may help alleviate the problems.</p>.<p class="bodytext">Both drivers and the rest of the team are in Budapest preparing for this weekend's Hungarian Grand Prix.</p>.<p class="bodytext">Main shareholder and team principal Vijay Mallya is fighting extradition to India from Britain as a result of actions taken by Indian banks following the collapse of his Kingfisher Airlines.</p>.<p class="bodytext">The team's chief operating officer Otmar Szafnauer told a news conference on Friday at the Hungaroring circuit that he was optimistic a solution was about to be found.</p>.<p class="bodytext">"I think it's imminent. There's discussions going on in the background and I am not privy to those because it is a shareholder issue... But it will be very soon."</p>.<p class="bodytext">Canadian billionaire Lawrence Stroll, father of Williams' teenager driver Lance Stroll, has been linked with the team as an investor in a move that would also see his son move teams.</p>