The new Racing Point Force India team has been granted an official Formula 1 entry by the FIA in place of Force India, starting from this weekend's Belgian Grand Prix.
As revealed by Autosport on Wednesday, the FIA and the owners of the former Force India team have been working hard in recent days to create a new entry for the Silverstone-based outfit.
Following intense scrutiny of the legal situation surrounding the takeover of Force India by a consortium led by Lawrence Stroll, the FIA has subsequently approved an all new entry.
That means the former Force India entry has been officially annulled, with the FIA ruling that the team is excluded from the world championship with immediate effect.
This action forfeits its constructors' championship points.
"The new Racing Point Force India Team is delighted to be able to race when the championship resumes in Belgium this weekend," said Otmar Szafnauer, the former Force India COO who has been appointed Racing Point's team principal.
"This heralds a new and exciting chapter for us. 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."
FIA president Jean Todt said: "I am very pleased that a strong, positive outcome has been reached and welcome the mid-season entry of Racing Point Force India.
"Creating an environment of financial stability in Formula One is one of the key challenges faced by the sport, however thanks to the hard work of the FIA, the Joint Administrators, Racing Point and Formula One Management we have a situation now that safeguards the future for all of the highly-talented employees, and will maintain the fair and regulated championship competition for the second half of the season."
Stroll, who has invested in the team alongside six others, has pledged to inject extra funding into the squad and try to take it "to the next level".
"On Monday I stood in front of the workforce at Silverstone and Brackley and applauded the achievements of this team in recent years," Stroll said.
"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."