Formula One team Force India confident their future is secure despite concerns over Vijay Mallya’s finances
Indian tycoon has fled to London with banks trying to recover debts of £1billion
Formula One team Force India are adamant they will not be plunged into financial meltdown - despite growing concerns about the team's owner Vijay Mallya.
The Indian tycoon has had his passport revoked by Indian authorities after he fled to London while banks tried to recover debts of almost £1bn.
Mallya, who owns a £11.5m house in Welwyn Garden City he bought from Lewis Hamilton's dad last year, is said to be chased by 17 banks.
The 60-year-old drinks baron owned collapsed airline Kingfisher Airways and faces growing investigations into his finances.
However, his Silverstone-based F1 team, which employs over 300 people, are confident their immediate future is secure.
A spokesman told SunSport: "The news reports relating to Vijay Mallya's business matters in India have no impact on the team.
"We have the budget needed to compete in Formula One with the support of a growing roster of global partners."