India's Sahara conglomerate which is battling financial and legal issues following the imprisonment of its founder Subrata Roy is not finding any buyers for its 42.5% stake in Force India at its current asking price.
Earlier this month, Sahara sought permission from India's government to dispose of its Force India asset but the asking price of $100 million is not drawing any bidders.
Speaking to Reuters, former Jordan, Jaguar and Red Bull marketing executive Mark Gallagher believes a sale with such a hefty price tag is unlikely to take place given Formula 1's and macro economic conditions.
"I don’t think anybody will pay 100-million pounds, euros or dollars for 42.5% of a mid-level Formula One franchise," Gallagher said.
It is believed a sale could be facilitated if Force India itself was up for sale as any potential buyer could then gain complete control of the team. But co-owner Vijay Mallya has not signaled any intention of putting his team on the market.
It is unclear whether any agreement between Sahara and a potential buyer of its stake would require Mallya's permission.
F1 supremo Bernie Ecclestone did not believe Mallya is ready to quit Formula 1 although he did acknowledge that every team has its price.
"There are a lot of teams that if somebody comes along with the right money, they would sell," said Ecclestone.
"Not because they want to, but because commercially they probably think it would be the right thing to do."