Racing Point Force India isn't the easiest name to roll off the tongue but at least the new moniker guarantees the team's participation in this weekend's Belgian Grand Prix.
After lengthy discussions between the new owners of Force India, the FIA and Formula 1, the new entity is now eligible to race in the world championship, but will start from scratch with zero points on the board after forfeiting all of Force India's previously earned 2018 points while the fate of its prize money has yet to be decided.
"Since the Force India Formula One Team Limited was placed into administration on 27 July, the FIA has worked in collaboration with the Joint Administrators (Geoff Rowley and Jason Baker of FRP Advisory LLP), Racing Point UK Limited and Formula One Management to ensure the expedient and compliant transition of the team’s assets to the new entrant. This successful process has protected motor sport competition at the highest level, as well as the jobs of over 400 employees," said the FIA in a statement.
"Following a disciplinary investigation and prosecution by the FIA under Article 4 of the FIA’s Judicial and Disciplinary Rules, the Sahara Force India F1 Team has accepted its exclusion from the 2018 FIA Formula One World Championship with immediate effect, due to its incapacity to comply with Article 8.2 of the Sporting Regulations moving forward, and forfeits all Constructors Championship points under Article 6.2.
"The Joint Administrators of Force India Formula One Team Limited have completed the sale of the business and its assets to Racing Point UK Limited, the investment consortium led by Lawrence Stroll and the team’s senior management."
Force India's conundrum stemmed from the sale of the team's assets to the consortium of investors led by Lawrence Stroll. The team's new owners were unable to acquire the outfit's parent company as a whole (for legal reasons linked to Vijay Mallya's ongoing personal affairs), and therefore did not possess the official entry right to the F1 world championship, a state of affairs that could have put the outfit's presence on the grid at Spa in jeopardy.
All is well that ends well however, and Racing Point Force India starts a fresh with Otmar Szafnauer as its team principal.
"The new Racing Point Force India Team is delighted to be able to race when the championship resumes in Belgium this weekend," said Szafnauer.
"This heralds a new and exciting chapter for us. Just a few weeks ago, an uncertain future lay ahead, with more than 400 jobs at risk.
"Now the new team has the backing of a consortium of investors, led by Lawrence Stroll, who believe in us as a team, in our expertise and in our potential to achieve success on the track.
"We are grateful to the FIA, the Joint Administrators and Formula One Management for their support in helping us achieve such a welcome outcome and ultimately, we trust, for the sport and its many fans."
It's likely the name change is a temporary state of affairs for Racing Point Force India which will use the appellation for the remainder of the season before switching to a permanent - and hopefully more striking - name for 2019.
Finally, for the sake of simplicity, in our stories we'll continue to refer to the team as Force India.
Gallery: The beautiful wives and girlfriends of F1 drivers
Keep up to date with all the F1 news via Facebook and Twitter
