Force India has been rescued by a consortium led by Lawrence Stroll, the billionaire father of Williams driver Lance Stroll.

Canadian media including the Montreal Gazette, TSN, QMI Agency and others report that the consortium has reached a definite deal with the Silverstone-based team's administrators.

La Presse Canadienne claims that Force India will now "exit creditor protection, pay its creditors" and secure the future of the team's 405 employees.

"The team will continue its activities starting with the Belgian grand prix at the end of the month," the report said.

It is claimed that Andre Desmarais, CEO of the Canadian conglomerate Power Corporation, is heavily involved in the deal among others.

"This news secures the future of Force India in formula one and will allow our team to compete to our full potential," said sporting director Otmar Szafnauer.

"I would like to thank Vijay [Mallya], the Sahara group and the Mol family for their support and for leading the team to the extent of their abilities," he added.

Administrator Geoff Rowley said that a rescue from insolvency on this level is "rare".

"As a result of a serious process, we finally received a very strong offer to save the company and restore solvency," he said.

"All creditors will be paid in full, all jobs will be preserved and the team will have significant funding to invest in its future."

Force India currently sits sixth in the team standings.