The Force India Formula 1 team entered administration on Friday following a court decision made in London.

Similar to bankruptcy protection, the administration process will see the team's operations continue as normal while a new investor or potential new owner is sought.

“We shall be engaging with key stakeholders on an urgent basis to secure the best outcome for creditors,” administrator Geoff Rowley said in a statement.

Among the creditors are believed to be current driver Sergio Perez and current power unit supplier Mercedes-AMG. Reuters reported Friday that the administration was triggered by Perez and supported by Mercedes and leading sponsor BWT.

Despite its recent cash troubles, due partially to a series of financial scandals involving co-owner Vijay Mallya and authorities back in his native India, Force India has proven to be a formidable team. It has consistently outperformed more experienced teams such as McLaren and Williams and has ranked fourth in the Constructors' Championship the past two seasons.

It's no surprise then that several suitors are already in talks with administrators over a deal to wrest control of the Silverstone-based squad. One of them is believed to be Canadian fashion billionaire Lawrence Stroll, father of current Williams driver Lance Stroll.

Stay tuned for an update.