F1: Grand Prix News Briefs (Update 5)

Formula 1

F1: Grand Prix News Briefs (Update 5)

Boss and co-owner Vijay Mallya's financial problems do not affect Force India, deputy team principal Bob Fernley insists...

SPEED Staff / GMM | Posted January 15, 2013 GMM Newswire

Lenders to Vijay Mallya's failing airline Kingfisher are set to sell the billionaire's collateral assets as they recall the loans. (Photo: Getty Images)

Mallya's Troubles Don't Affect Force India - Fernley: Boss and co-owner Vijay Mallya's financial problems do not affect Force India, deputy team principal Bob Fernley insists. This week, it emerged that lenders to Mallya's failing airline Kingfisher are set to sell the billionaire's collateral assets as they recall the loans. And the very latest reports are that Force India's title sponsor Subrata Roy, of the Indian giant Sahara, has had 100 of his and the conglomerate's bank accounts frozen by the Securities and Exchange Board of India over failing to repay investors. Referring on Thursday to team supremo Mallya's troubles, Force India's Bob Fernley said: "There is a disconnect between what happens in Vijay's business and what Vijay is doing on the F1 team. Whether Kingfisher or United Spirits is doing well or not doesn't affect the team, and it's very difficult for us to get that message across, although we have been trying for several years," he is quoted by the Guardian newspaper.

Pirelli Buys 2011 HRT Car: Pirelli, F1's official tire supplier, has reportedly bought an old HRT car. This week, we reported that assets of the newly-defunct Spanish Formula One team had been snapped up by Teo Martin, a well-known automotive component recycler. According to AS newspaper, Martin apparently bought 2011 and 2012 single seaters as well as other assets. But Reuters reports that another HRT buyer was Pirelli. "The other 2011 (HRT) car has gone to Pirelli," Martin is quoted as saying. Pirelli has not confirmed the report. Currently, Pirelli's F1 test car is a 2010 Renault. Previously, the Italian marque used a 2009 Toyota. Meanwhile, McLaren boss Martin Whitmarsh fears other teams are in danger of following HRT out of Formula One, claiming that "of the 11 teams, seven of them are in survival strategy. It's tough," Whitmarsh, referring to the economic situation, is quoted by the BBC. "We have taken some measures but I think it's going to be tough for some of the teams to have a viable business model for a few years; there's no doubt about that."

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