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28 Feb 2014, 14:17 (Ref:3373189) | #1 | |
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Force India, financial & ownership legal problems
It looks like not only are the legal problems for the teams ownership rapidly increasing, but they are also unable to meet the terms of their contractually agreed payment schedules with their suppliers.
http://joesaward.wordpress.com/2014/...ndia/#comments http://joesaward.wordpress.com/2014/...ers-to-police/ |
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28 Feb 2014, 14:20 (Ref:3373190) | #2 | |
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Oh no...
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28 Feb 2014, 15:32 (Ref:3373213) | #3 | ||
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Another day, another Saward post bashing FI...
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28 Feb 2014, 15:33 (Ref:3373214) | #4 | ||
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Sooner or later these guys were going to get into big trouble.
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28 Feb 2014, 16:14 (Ref:3373239) | #5 | |
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Possibly, but if these assertions made by Saward aren't true, then why don't FI sue him and get a cease and desist.
Last edited by davyboy; 28 Feb 2014 at 16:37. |
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28 Feb 2014, 16:28 (Ref:3373244) | #6 | |
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or if they're that bothered about it, figure out who in their accounts department is leaking information and show them the door...
bbc news item about subrata roy turning himself in: http://www.bbc.co.uk/news/world-asia-india-26379739 |
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28 Feb 2014, 16:41 (Ref:3373250) | #7 | ||
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They seem to have built a pretty good car this year though, on far less resources than Caterham for example.
Of course, Saward is a director of Caterham so the constant bashing isn't exactly a journalistic campaign for truth.... Who would benefit most if they disappeared from the grid? |
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28 Feb 2014, 18:49 (Ref:3373297) | #8 | |
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Yes, Flavio, Joe Saward is a non-executive director of the Caterham group, with no direct involvement, or influence, over the F1 team. He is also a highly respected & very reputable journalist who reports on the sport & the business very well and honestly.
Both Malaya & Roy are facing serious legal issues, as well as very serious financial issues, & whilst the f1 team may have funding in place for this season if, when, the parent companies collapse there is no way the F1 team will survive unless new ownership can be found. The fact that several suppliers are been asked to vary previously agreed payment terms & schedules would suggest cash-flow issues within the F1 team. |
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28 Feb 2014, 19:09 (Ref:3373301) | #9 | |||
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Quote:
Malaya and Roy may face difficulties in India over their business practices, but certainly in the case of Roy, the alleged offence that is being investigated covers an amount of some tens of millions of pounds sterling whilst his businesses are worth billions of pounds of which he is personally a major benefactor. I believe that even if he lost the case against him, it would be no more than a ripple in his financial pond. |
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28 Feb 2014, 19:14 (Ref:3373305) | #10 | |
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I'd say that failing to repay over £3 Billion, acquired in illegal activities, is a serious matter, so it would make a very big ripple! Remember he is also implicated in the corruption within the IPL.
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28 Feb 2014, 19:31 (Ref:3373308) | #11 | |||
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so sort of makes it doubly strange to me then that he would just say something like 'i am hearing...'. thats not very journalistic imo. although that line about 'forcing the Indians to pay up' was a rather clever turn of phrase, for me i dont see his articles about FI and its owners as objective. i feel like they are personal somehow but thats just how i read it though. anyways how strange is it for F1 teams to try to renegotiate terms with their suppliers? i would suspect its a fairly common occurrence and all teams probably struggle with cash flow management. |
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28 Feb 2014, 21:08 (Ref:3373338) | #12 | ||
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If nothing else Mallya's got balls....he's just bought a real expensive horse..http://timesofindia.indiatimes.com/b...w/31129840.cms
Not bad when your airline owes $Billion.. |
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1 Mar 2014, 01:24 (Ref:3373428) | #13 | ||
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Quote:
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1 Mar 2014, 01:28 (Ref:3373429) | #14 | ||
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Perhaps if he spent more time on his Caterham duties ... |
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1 Mar 2014, 02:34 (Ref:3373442) | #15 | |||
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But I hear Mr Saward is a 'guest' on these forums, so.., hey there Joe! |
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1 Mar 2014, 03:58 (Ref:3373455) | #16 | ||
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What he does, although this has thankfully lessened of late, is spend an unreal amount of time defending himself from the unreasonable, utterly fanatical and uneducated, gooses, that purport to to be Indian F1 fans. And your second. Perhaps, if you paid attention, you'd see that as far as his blog goes there seems to have been a distinct cooling in his Caterham love affair. I think it's fair to say he has taken the point of many posters who have castigated him over a long period of time for hiding behind his 'blog rules' in the manner he did for not having the fortitude to announce his directorship out front for all to see. I like his stuff, but like all of us he has flaws. |
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1 Mar 2014, 09:12 (Ref:3373521) | #17 | ||
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Me too. I occasionally pipe up if there's something I think I can add.
Yes, he is an established, respected Formula One journalist. One of the few prepared to take on the Bernie/CVC debacle and call for a complete rethink of Formula One's business model. However his constant drip, drip, drip vendetta against Force India is just wearisome. I'm sure VJ must have upset him at some point but he really does himself no favours being so prejudiced against a team that has consistently out performed on a resources/results ratio and continues to hire some of the best young talent on the grid. All teams have cash flow problems from time to time. There's only two sources of income, either from Bernie or from sponsors/owners. It's not as if they sell cars or anything. If someone keeps banging on and on about the demise of a team eventually they might be proved right. Many have come and gone over the years I've been watching. At that point Saward can dance on the grave. I for one won't be cheering him on. |
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3 Mar 2014, 09:49 (Ref:3374307) | #18 | |
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13 Apr 2014, 04:02 (Ref:3391807) | #19 | |
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The latest by joe Saward on the situation
http://joesaward.wordpress.com/2014/...dia-situation/ It seems the financial and legal issues for both Sahara and Mallaya are getting significantly worse, with very obvious implications for the F1 team. |
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13 Apr 2014, 04:05 (Ref:3391809) | #20 | ||
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NVM bottom post explains.
Last edited by FordCosworthPanoz; 13 Apr 2014 at 04:19. |
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13 Apr 2014, 04:12 (Ref:3391812) | #21 | |||
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However despite that Saward is definitely one of the best out there, although that isn't saying much when most of his English-Language competitors would make TMZ cringe in disgust. Just ignore everything he says about Force India and Caterham and you're set. He's certainly one of the more ballsy and isn't just Bernie's personal carrier pigeon like most who see everything in the sport through rose-tinted glasses. |
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13 Apr 2014, 08:48 (Ref:3391864) | #22 | ||
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How come every time the finances of Force India are mentioned
one name appears on the article- Joe Saward ? Personal reasons with the management ? |
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13 Apr 2014, 10:12 (Ref:3391885) | #23 | ||
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Joe Saward is still a director of the Caterham road cars to the best of my knowledge. If anybody has more up to date information please post. |
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13 Apr 2014, 10:39 (Ref:3391890) | #24 | |||
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That is correct isn't it Mr Saward? |
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13 Apr 2014, 11:30 (Ref:3391911) | #25 | ||
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I've just read Joe Sawards blog (and admit, I'm a fan and read it most days). OK, so he's reporting some negative facts about Roy Sahara (who apparently owns almost half of the Force India Team), but from what I can see, they are facts, and because of this information, things don't look good for the future of this team without some additional (outside) investment.
As I see it, what Joe Saward is reporting is no different to what was reported last year regarding the Lotus F1 Team being unable to pay suppliers or employees. If he was making up stories to discredit Force India, then I'd accept the 'Witch Hunt' claims, but I don't think that he is. |
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