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The Midland Group is an international trading and investment holding company. Registered in Guernsey under the name Midland Resources Holding Ltd, the group owns a number of subsidiaries across the agriculture, manufacturing, real estate, shipping and steel industries. The group's co-founders are billionaires Alexander Shnaider (chairman), a Russian-born Canadian national, and Ukrainian-born Eduard Shifrin of London, UK.

Primarily active in the Commonwealth of Independent States as well as Eastern Europe and the Far East, the Midland group of companies has a presence in 34 countries worldwide.

According to the Panama Papers, in 2010, Shnaider sold at least half of Midland's ownership in Zaporizhstal steel mill to buyers financed by Russian state-owned Vnesheconombank, who were then themselves acquired by the development bank.[1] Shnider used proceeds from the sale to partially meet cost overruns at his Toronto Trump Tower. [1]

Formula OneEdit

In October 2004, the Midland Group announced its intention to enter Formula One motor racing in 2006, with plans to use a car built by the Italian manufacturer Dallara In January 2005 the group changed plans by purchasing the Jordan Grand Prix team.[2] They kept the yellow-liveried EJ15 cars and declared 2005 to be a year of learning. Under the name Midland F1 Racing, the team made its debut with a brand-new car and livery at the start of the 2006 Formula One season. With this team, Shnaider declared his intention to bring the first Russian driver into the sport,[3] a feat not achieved until Vitaly Petrov's entrance into F1 with Renault,[4] three years after Schnaider sold the team. On 9 September 2006, the team was sold to Spyker Cars for $106.6 million.[5] From the beginning of the 2008 season, the team became known as Force India and remained active until 2018, when a group of consortium led by Lawrence Stroll bought the team in 2018 following a financial collapse that forced Force India to be put under administration. The team currently competes under the Racing Point banner.[6][7]

ReferencesEdit

  1. ^ a b Protess, Ben; Kramer, Andrew E.; McIntire, Mike (5 June 2017). "Bank at Center of U.S. Inquiry Projects Russian 'Soft Power'". The New York Times. p. A1. Retrieved 5 June 2017.
  2. ^ Lostia, Michele (14 June 2005). "Dallara Won't Build Midland's Car". Autosport. Retrieved 18 April 2014.
  3. ^ "Russian-Born Canadian Buys F1 Team". The Moscow Times. 25 January 2005. Retrieved 18 April 2014.
  4. ^ "Vitaly Petrov joins Renault to become first Russian Formula One driver". The Guardian. 31 January 2010. Retrieved 18 April 2014.
  5. ^ "Midland F1 team sold to Spyker". The Times of Malta. 11 September 2006. Retrieved 18 April 2014.
  6. ^ "Spyker change name to Force India". BBC Sport. 24 October 2007. Retrieved 18 April 2014.
  7. ^ Cooper, Adam (24 August 2018). "How the FIA used little-known Formula 1 rules to save Force India". Autosport. Motorsport Network. Retrieved 2018-08-29.

External linksEdit