The Sahara Group has requested permission from India's Supreme Court to sell its 42.5% stake in Force India.
It was reported on Tuesday that the group - whose chairman Subrata Roy was jailed in 2014 for failing to repay £2.45billion to investors - has requested to sell its stake in the team as well as four aircraft and multiple hotels including London's Grosvenor House in an attempt to raise significant funds towards clearing the Indian conglomerate's debts.
Sahara purchased its stake in Force India in October 2011, paying £63million ($100m) as the team was re-named Sahara Force India. Vijay Mallya also owns 42.5% of the team, while the remaining 15% is owned by Michiel Mol.
Should the sale of Sahara's stake in the team go through it is likely to lead to a change of team name.
Force India finished the 2015 season in fifth place in the constructors' championship, scoring one podium courtesy of Sergio Perez in the Russian Grand Prix.
On Monday the team announced it had signed 16-year-old Russian Nikita Mazepin as a development driver, with Mallya saying Russia represents "a market with huge potential for Formula One".
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