Force India buyout agreed ’in principle’

The takeover of Force India by a British energy drink company looks set to be complete within days.

William Storey, of Rich Energy, said speculation had forced him to reveal that a deal is in the offing.

"In light of ill-informed media speculation and certain external moves to destabilise the team, I can confirm that Rich Energy made an official offer to buy Force India at the end of April," he told the Telegraph.

It is rumoured that the ’external moves’ may be rumours that Mercedes, in combination with Force India sponsor BWT, could also be eyeing a deal to buy the team.

Rich Energy’s Storey continued: "This offer was accepted in principle, and we are close to finalising purchase. We have deposited funds considerably in excess of the purchase price and will invest an additional eight figure amount in the team.

"We have a long term business plan that not only involves our beverage brand but two multinational corporate sponsors who are not currently in formula one," he added.

"We aim to conclude a deal as soon as practicable and the lawyers approve."