Indian Formula One team Force India has been renamed as Racing Point Force India after it was taken over by an association led by Canadian billionaire Lawrence Stroll.
Reflecting on the takeover, Stroll said it is an exciting challenge to take the team forward and assured that they would be investing resources to continue competing at the highest level.
"I've been fortunate to establish and grow a number of successful businesses, but the opportunity to take this team forward to the next level is perhaps the most exciting challenge yet. Together with my fellow shareholders, we will invest in new resources and bring fresh energy to empower the workforce to continue racing at the very highest level," Force India official website quoted Stroll, as saying.
"We are all passionate about motor racing; we recognise the racers' spirit in Force India, and we are extremely motivated to make this team even more special in the years ahead," he added.
Otmar Szafnauer, who has been with the team since 2010 as a chief operating officer, has been appointed as the team principal and chief executive officer with an immediate effect by the new owners.
Commenting on the change in the administration, the newly-appointed team principal hoped that with new management in place, the team's future is secure and they can focus on racing.
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"Now that we are under new ownership and the future of the team is secure, we can focus on doing what we do best - going racing. We have a great management team in place and this stability will be extremely valuable as we begin the new era," Szafnauer said.
The Racing Point Force India f 1 team will make their debut in Belgian Grand Prix which will be held on August 26.