Szafnauer hails 'new and exciting chapter' for reborn Force India

Otmar Szafnauer has hailed the start of a "new and exciting chapter" for the rebranded Racing Point Force India team following the FIA's acceptance of its mid-season entry to the Formula 1 world championship.

The FIA issued a statement on Thursday evening confirming that Racing Point Force India had been accepted into the championship following the takeover of Force India by a consortium, which was required to act as a new team as the company holding the existing entry had not been bought as part of the deal to rescue the outfit from administration.

Force India has been excluded from the F1 constructors' championship and had its points tally wiped, with Racing Point Force India starting on zero points at this weekend's Belgian Grand Prix. Drivers Esteban Ocon and Sergio Perez both retain their points in the drivers' standings, having effectively moved teams mid-season.

Former Force India chief operating officer Otmar Szafnauer has been appointed team principal and CEO of the new team, and spoke of his excitement for the new project following its announcement.

"The new Racing Point Force India Team is delighted to be able to race when the championship resumes in Belgium this weekend. This heralds a new and exciting chapter for us," Szafnauer said.

"Just a few weeks ago, an uncertain future lay ahead, with more than 400 jobs at risk; now the new team has the backing of a consortium of investors, led by Lawrence Stroll, who believe in us as a team, in our expertise and in our potential to achieve success on the track.

"We are grateful to the FIA, the Joint Administrators and Formula One Management for their support in helping us achieve such a welcome outcome and ultimately, we trust, for the sport and its many fans."