Formula One team Force India will be renamed as Sahara Force India after the team's chairman Vijay Mallya sold part of the stake in his team to the chairman of Sahara Group Subrata Roy on Wednesday.A deal between the two business tycoons was inked in the evening, after which Mallya addressed the media on Wednesday. The Force India F1 team will now be co-owned by Mallya's UB Sports and the Sahara Group, with both owning 42.5% equity each.
Reports earlier in the day had suggested that Mallya was in talks with the Sahara Group to sell team Force India, but he had repeatedly declined the reports, saying, "I was shocked to read a media report that I am selling the Force India Formula One team. This is completely untrue and without any basis whatsoever. As Team Principal, I will continue to run the team and I have no plans whatsoever to exit."Formula One team Force India will now be renamed as Sahara Force India.
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