New Delhi: Formula One team Force India's chairman Vijay Mallya is likely to sell stake in his team to the chairman of Sahara Group, Subrata Roy, according to the CNBC sources.
Deal between the two business tycoons Mallya and Roy will be inked shortly. Mallya is likely to address media later on Wednesday. Reports in the recent past did suggest that Mallya was in talks with Sahara Group to sell team Force India but he has repeatedly declined the reports.
Earlier, in response to the alleged sale, Vijay Mallya had this to say. "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.
"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."
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