Formula One is locked in a dispute with authorities in India over £41.1m ($51.4m) of unpaid Grand Prix fees dating back to 2012, according to company documents.

The Indian Grand Prix only took place three times, from 2011 to 2013, and was held on a track near New Delhi.

The Grand Prix got the red light in 2014 with two races remaining on its contract. It was entirely funded by the Jaypee Group, an Indian conglomerate with interests stretching from construction and power plants to hotels.

American investment firm Liberty Media has said that if the money owed by Jaypee is paid to F1’s operating company, Formula One World Championship (FOWC), it will raise its £3.5bn offer for the sport by the same amount.