With rumours doing the rounds earlier that said that Mallya was all set to sell off the Force India team, the deal comes at a most opportune time clearing doubts with the announcement expected to be made shortly. Mallya is most likely to speak on the deal on Wednesday (Oct 12). India will host the first ever Formula 1 Grand Prix on Oct 30, 2011 on a 5.14 km track, in Greater Noida.
Mallya had earlier commented on the rumours that he was planning to sell Force India to the Sahara group, "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."
He added, "I take great pride in having been able to put an Indian team on the Formula One World Championship grid and have worked very hard to greatly improve the performance of the team. Now that India is finally on the Formula One World Championship calendar, my commitment to Force India only gets even stronger."
Mallya had bought the Spyker Ferrari F1 Team in 2007, reportedly for about 90 million euros. He later renamed the team 'Force India' for the 2008 season. The Force India team is slowly but steadily climbing the charts with every season.