Perez petition leaves Force India in administration - report

The Force India Formula 1 team has been placed into administration, but will continue to race in 2018 as "urgent" work is started in an attempt to rescue the team. Force India were placed into administration by a London court on Friday, the move reportedly activated by a petition from a company linked to their driver Sergio Perez.

Both Perez and Esteban Ocon will remain in action at the Hungarian Grand Prix, after it was confirmed the team would continue operating for the time being.

Force India's financial situation has been known to be precarious for some time and this move once again highlights the financial disparity across Formula 1.

Although Force India have finished fourth in the constructors' championship in the past two years, they have still struggled financially as their legacy payments from F1 are dwarfed by those paid to the likes of Ferrari, Red Bull and Mercedes.

Perez is the only driver from outside those three teams to secure a podium finish so far in 2018, having finished third at the Azerbaijan Grand Prix in April.

According to reports, Perez is owed £3million by Force India, while power unit supplier Mercedes is owed £9million.

Several suitors have been linked with a purchase of the team. Lance Stroll's father Lawrence has been reported to be mulling over either a takeover or investment in the team. Racefans.net has recently claimed that the father of GP3 racer Nikita Mazepin is also considering a bid.

Energy drink company Rich Energy had been linked with a takeover in pre-season, and have remained an interested party throughout 2018.

However, it appears the British-based company are set to walk away, having offered a £30million cash injection before the administration process was instigated, something they branded "disgraceful".

Despite a last minute £30m cash injection from @rich_energy the court has today put @ForceIndiaF1 into administration. A tragic and avoidable outcome orchestrated by @MercedesAMGF1 @SChecoPerez , Julian Jakobi and BWT. Disgraceful pic.twitter.com/2E9N9WPmKy — Rich Energy (@rich_energy) July 27, 2018