Formula 1 governing body, the FIA has accepted the entry of Racing Point Force India, the new parent company headed by Lawrence Stroll, for the rest of the 2018 season.
The squad's participation at this weekend's Belgian Grand Prix had been uncertain throughout Thursday because while everything was being prepared at Spa, the new comapny was still without an entry having only bought the assets after the team entered administration.
However, that all changed in the early evening when it was confirmed the entry previously held by Vijay Mallya had been revoked and given to the new Racing Point Force India entity.
The kicker is now the new team will start from zero points in the Constructors' Championship, although drivers Sergio Perez and Esteban Ocon retain theirs, but for newly installed team principal Otmar Szafnauer this is a good day for the Silverstone outfit,
"The new Racing Point Force India Team is delighted to be able to race when the championship resumes in Belgium this weekend," said the American.
"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
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Now an F1 team owner, Stroll also spoke of his own pride in taking on what is a highly-respected operation that has been known to punch above its weight dating back to the Jordan days, a team that scored their first win at this weekend's venue, Spa-Francorchamps in 1998.
"On Monday I stood in front of the workforce at Silverstone and Brackley and applauded the achievements of this team in recent years," said Stroll in Belgium
"The strength of any company is the people that make it up and it’s a huge privilege to begin this exciting new journey with such a talented group of men and women.
"I’ve been fortunate to establish and grow a number of successful businesses, but the opportunity to take this team forward to the next level is perhaps the most exciting challenge yet.
"Together with my fellow shareholders, we will invest in new resources and bring fresh energy to empower the workforce to continue racing at the very highest level," he reassured
"We are all passionate about motor racing; we recognise the racers’ spirit in Force India, and we are extremely motivated to make this team even more special in the years ahead."
