Mallya steps down as a director at Force India

Vijay Mallya, the co-owner of the Force India F1 team has stepped down as a director of the Silverstone-based squad, handing over the board seat to his son Siddarth Mallya.

The 62-year-old flamboyant business tycoon is currently embattled in an extradition procedure between the United Kingdom and India, his home country.

For several years now, Mallya has been embroiled in financial scandals and accused by India's authorities of fraud and money laundering, which he has persistently denied.

Rich Energy and Force India: Much ado about nothing...

Mallya was part of a consortium that bought Force India - a team that originally started its life as Jordan Grand Prix back in 1991 - in 2008 from Dutch company Spyker cars.

The current ownership of the team includes Mallya and fellow Indian businessman Subrata Roy, who own 42.5% each, and former Spyker shareholder Michiel Mol who owns 15% of the outfit.

Official documents attest that Mallya relinquished his mandate as a director of Force India last week, on May 24. With personal litigation pending, Mallya's decision is perhaps the best course of events for a team that obviously needs to protect its assets. He will retain however his role as team principal with the pink squad.

Force India's current management structure is expected to remain unchanged, with Bob Fernley continuing as deputy team principal and Otmar Szafnauer acting as chief operating officer.

Persisting rumors about a possible buy-out of Force India by Rich Energy have failed to come to fruition, with many believing the story was just a publicity stint by the inconspicuous energy drink company.

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.