New Canadian ownership for renamed Force India

The Force India Formula One team will race under its new name Racing Point Force India at this weekend's Belgian Grand Prix.

The team was renamed following a change of ownership and it has been accepted as an entry to the Formula One world championship by the ruling body, the International Motoring Federation (FIA).

New owner Canadian billionaire Lawrence Stroll, father of Williams driver Lance Stroll, said he and his consortium of shareholders were passionate about motor racing and planned to ensure the team raced at the highest level.

The confirmation on Thursday, however, means that the new team will start from zero without inheriting any of the constructors' championship points scored by Force India.

Drivers Mexican Sergio Perez and Frenchman Esteban Ocon will keep their individual points scored in the drivers' championship.

The original Force India team was sixth in the standings with 59 points, having finished the last two seasons in fourth position.

"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.

"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.

"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."

FIA president Jean Todt said he welcomed the resolution of Force India's difficulties and the continuation of a ten-team championship.

The 'new' team announced also that former chief operating officer Otmar Szafnauer will become the team principal and chief executive officer. Former deputy team principal Bob Fernley had stood down.

The team will continue to race in its bright pink and blue livery.