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Old 1 Jan 2013, 20:19 (Ref:3183619)   #1
steve nielsen
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steve nielsen should be qualifying in the top 10 on the grid
Force India in trouble

http://www.bbc.co.uk/news/world-asia-india-20881007

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India's Kingfisher Airlines loses licence to fly
A Kingfisher counter at New Delhi airport Kingfisher's licence has been suspended because of concerns over finances and safety

India's troubled Kingfisher Airlines has lost its flying permit after a deadline to renew its suspended licence expired, the aviation regulator said.

Kingfisher has $1.4bn (870m) in debts and it is looking to raise funds after lenders refused to give fresh loans
===============

so will this mean FI's owner will have to sell the team?
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Old 1 Jan 2013, 20:23 (Ref:3183620)   #2
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I wonder if Hulkenberg saw the writing on the wall.
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Old 1 Jan 2013, 21:09 (Ref:3183635)   #3
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I hope for the sake of the sport that they stay afloat.
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Old 1 Jan 2013, 23:27 (Ref:3183677)   #4
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He reduced his stakeholding in that airline to a fraction didn't he? Or was that the brewry?

I hope it was the airline!

Well, I hope the maximum people stay employed is what I mean!
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Old 2 Jan 2013, 10:11 (Ref:3183767)   #5
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Force India have just received a 50 million boost from its board of directors, of which VJ Mallya is just one of. Nothing to see here.

http://www.autosport.com/news/report.php/id/104447
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Old 3 Jan 2013, 19:23 (Ref:3184298)   #6
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The directors of FI could promise to invest 5000 million, but if the companies providing the promised funds collapse, which is very likely, the promised funding wont be paid.

it is well known that Mallaya's Kingfisher group, and Roy's Sahara group have significant legal and financial problems, of a size that are usually terminal.
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Old 3 Jan 2013, 20:44 (Ref:3184324)   #7
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yep. in fairness if one of the title sponsors for any team placed a hold on their commercial activities wouldn't we all be wondering how that affected the team which depended on their sponsorship revenue?

http://www.flykingfisher.com/

personally i hope we dont see the 'Fly Kingfisher' branding on the car at their roll out. its like painting "bankrupt' on the side of your car imo.

lots to see here
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Old 4 Jan 2013, 01:26 (Ref:3184436)   #8
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Yes they are...
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Old 4 Jan 2013, 02:15 (Ref:3184443)   #9
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The ultimate holding company for FI is UB Group Holdings, http://www.theubgroup.com , who are experiencing major financial and legal problems. It is unlikely that Mallaya will still be in control within the next few months, and with the financial wreckage that exists, it is highly unlikely that the new owners will want to continue spending on formula one.
The FI team does not have any significant external funding.
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Old 4 Jan 2013, 03:16 (Ref:3184451)   #10
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Force India have just received a 50 million boost from its board of directors, of which VJ Mallya is just one of. Nothing to see here.
All its says is Force India have approved themselves to spend 50million....nothing about they've been given 50 million.

Kingfisher is grounded and $1 billion in debt.
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Old 4 Jan 2013, 10:33 (Ref:3184540)   #11
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yeah, exactly. particularly considering the majority of the team sponsors are his in the first place. if they're on 30-90 day accounts with suppliers (lol, he'd be on proforma with me) then it might just pay the bills for the second half of the last season... more than likely it's just the money that's due anyway.
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Old 4 Jan 2013, 10:54 (Ref:3184546)   #12
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When does the FI deal to purchase technology and support with McLaren end?
That must be a very large part of the teams budget, and has been shown in the past with other teams, if key suppliers are not paid on time, they have the right, and indeed do, stop the cars running.

I seriously believe that FI will not survive the season, unless there is a major new investor, and ideally a totally new ownership.
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Old 6 Jan 2013, 20:39 (Ref:3185660)   #13
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Originally Posted by Born Racer View Post
I wonder if Hulkenberg saw the writing on the wall.
That's insider trading. Prosecute him!
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Old 7 Jan 2013, 13:15 (Ref:3185966)   #14
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For the sake of the sport, and di Resta, I hope this isn't so.
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Old 7 Jan 2013, 14:46 (Ref:3186002)   #15
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The situation has been reported in many places, especially the business pages of many reputable media outlets.

Di Resta is wealthy and will hardly suffer, who will suffer are the small engineering suppliers who will have invoices unpaid as a result of the F1 collapsing.
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