Force India has had more than a change of ownership.

It has a new name too โ€” but it has lost all the points it had in the championship.

The former Vijay Mallya-owned teamโ€™s name has been officially changed to Race Point Force India and it has been granted entry in Formula One by the FIA.

While itโ€™s a setback for the Silverstone-based outfitโ€™s progress this season, where it was in sixth spot, itโ€™s a relief that drivers Sergio Perez and Esteban Ocon will retain their points in the driverโ€™s standings.

Force India was sent into administration after an astute legal move by Perez, which secured the jobs of all 400 employees.

The team was then bought by a consortium led by billionaire Lawrence Stroll, which decided to re-brand it as Race Point Force India.

Team principal Otmar Szafnauer said the move opened a new chapter for the team which was โ€˜delightedโ€™ to be able to race when the championship resumes in Belgium this weekend.

FIA president Jean Todt said he was pleased a strong, positive outcome had been reached and welcome the mid-season entry of Racing Point Force India.

As the team starts from zero now, it at least wonโ€™t be exiting mid-season and will still remain one of the more competitive outfits on the grid.