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Mallya rejects reports that he is selling Force India

Force India owner Vijay Mallya on Friday (6) rejected reports that he is set to sell his team.

Amid reports of financial issues that have hampered the team's progress and as Mallya fights extradition to India on fraud charges, he delivered a robust defence of his stewardship of the team.


The team has been linked to reported bids from British energy drinks firm Rich Energy and American IndyCar team owner Michael Andretti, but Mallya denied he had received "a credible offer."

Making his first public appearance at a Grand Prix since last year's race at Silverstone, Mallya spoke out during a news conference.

"People have been writing about the ownership of my team for years now," he told reporters. "I'm proud that we finished our 200th Grand Prix in Austria. It's a big milestone for me since I own this team.

"I am sure you will not see anybody in Force India, indeed myself, walk around with a 'for sale' sign.

"As far as all these rumours are concerned, and all the statements that keep appearing in the media, all I can say is, if there is a credible offer with cash on the table, I will be the first one to discuss with my shareholders.

"I will see what they feel and, in the unlikely event we wish to sell the team, if there's an offer that we cannot refuse, I will be the first one to announce it. Until then, speculation remains speculation.

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Asda reports sharp sales fall, chair blames government for 'killing consumer confidence'

Highlights

  • Asda sales fall 3.8 per cent to £5.1 bn in three months to September, with comparable store sales down 2.8 per cent.
  • Chair Allan Leighton blames IT system problems from separating technology from former owner Walmart.
  • Leighton criticises government for hampering business investment and depressing consumer sentiment.
Asda has reported a sharp sales decline while criticising the government for "killing confidence" among consumers, though its chair admitted "self-inflicted" technology problems had set back turnaround plans by six months.

Total sales at Britain's third-largest supermarket fell 3.8 per cent to £5.1 bn in the three months ending September compared with the same period last year, reversing 0.2 per cent growth from the previous quarter. Comparable store sales dropped 2.8 per cent.

Chair Allan Leighton, who returned last year to revive the business for a second time, told the guardian that the fall in sales and market share was "totally self-inflicted." The supermarket struggled with technology issues during a lengthy effort to separate IT systems from former owner Walmart.

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