Sport : F1

MALLYA COMMITTED TO FORCE INDIA

24th May 2012, 05:48pm

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Vijay Mallya: 'Passionately involved'

Vijay Mallya: 'Passionately involved'

Force India co-owner Vijay Mallya is adamant he is as passionate as ever about his Formula One team and insists the funds are in place for their long-term survival.

Speculation had arisen Force India were struggling to make ends meet, in particular with Mallya's Kingfisher Airlines in debt to the tune of £830million.

It was expected, in order to assist his ailing airline, Mallya would cut his cloth accordingly and potentially pull the plug on his interests in Force India.

Dismissing the gossip, Mallya said: "I have several large public companies, most of which, with the exception of the airline, are doing very well.

"The airline is a victim of extraordinarily high oil prices and excessive taxation.

"Now what you read, and what you gather from what you read, is something I don't care to comment on.

"But I have sporting interests, and I'm passionately involved in all of them.

"Sahara Force India is independent, fully funded and is a joint venture between the Sahara Group and myself.

"There was a significant capital infusion at the end of last year, there will be another from the Sahara Group next year.

"So Sahara Force India is extremely well taken care of and set. With regard to my other sporting interests, I was at every IPL cricket game, as every passionate Indian would be.

"My team (Royal Challengers Bangalore) performed well, although it was a little disappointing at the end.

"We had been semi-finalists for four years running, but we were fifth this year so missed out on the play-offs, but such things happen in sport.

"Life carries on, and passions carry on too."

Mallya further insisted there was no link between his airline and his Formula One team, and that he would never have to make a choice between the two.

"How can you even start to make such a comparison?" said Mallya.

"One is a large public utility; and what would you call Formula One? A public spectacle?

"An airline is not intended to be a spectacle, and a Formula One team is not intended to be a utility, so where is the comparison?

"Sahara Force India is a private team and Kingfisher Airlines is a listed entity.

"The banks own 23% of the equity of the airline, which is a public limited company, limited by liability, as all limited companies are.

"The two are incomparable."

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