F1 news: Force India chief admits administration an option with team in 'critical period' A Companies Court winding-up list, published on the justice.gov.uk website, had scheduled a hearing for Force India Formula One Team Ltd on 25 July at the High Court in London. Otmar Szafnauer, Force India's chief operating officer, said that another hearing was being held on Friday, but was resolute about the team's future.
"Within a week or at the most two, our financial future will become more clear and I believe much more secure," Szafnauer said at the Hungarian Grand Prix. He admitted he did not know what the outcome of the hearings would be, but acknowledged administration could be one of two potential ways out when the notion was put to him.
We are just in this critical period, which might last a week or two Otmar Szafnauer - Force India's chief operating officer "Whichever route it is, I think the team will be fine. More than fine, actually", he said. Force India's problems have been well documented and boss , which he denies. A group of Indian banks are seeking to recover more than $1billion of loans given to Kingfisher Airlines, which collapsed in 2012.
On Thursday Force India driver Sergio Perez described the situation as 'critical', not only for the team, but also for the future of his Formula One career. "There's no secret that the financial problems have held the team back quite a bit", the Mexican driver said. "At the moment the situation is critical." Perez also hinted there is a limit to his patience about any future changes in the team's ownership and his decision to commit to the team.
"There is also a point on how long you can wait to make up your mind, you know", he said. "I think now during the summer break I will have a good idea what's happening here, and then I will be able to make a clear decision." Szafnauer agreed that Force India are in a 'critical period', but reiterated his expectations that the matter will be resolved shortly.
"We are just in this critical period, which might last a week or two," he said. "We have to keep our heads down, do the best we can here, go enjoy our break, after the test, and then come back fighting thereafter." This Sunday's at the Hungaroring, is the last racing before the mid-season break.
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