Jolyon Palmer
Former Renault driver on BBC Radio 5 live

It is an uncomfortable situation for everyone (at Force India) but meanwhile we can hope that it ends well.

Perez has been here for a long time, he's had five podiums in his four and half years on the team, he's been here through thick and thin, and he's been overachieving in that team and effectively he's not been paid for anything.

Jennie Gow
BBC Radio 5 live pit-lane reporter

Perez gave very large hugs to the senior members of that team, he is doing this to get the team back on track.

Yes, it (administration) could go wrong, but everybody now feels that the way forward will be brighter... the shackles are off. Hopefully someone will come in with the right motivation and money. They are so good at what they do pound for pound as an F1 team. It's uncomfortable for Perez at the moment but the future should be bright.

It is business as usual, while in administration. But this is going to be solved as a growing concern, they want to carry on as usual and if they can keep the team happy they can flourish after this.

It was 54 degrees on track yesterday. Today, far more chilled out. Only 50 degrees.

Peter‏: How to cut costs? It's a no-brainer .. scrap these horribly complicated and vastly expensive engines and go back to V8's or V10's. Yes, I know the manufacturers like the "relevance" of hybrid .. but for goodness sake, it's killing F1!

Blackburn Lad‏: "Court action was instigated by Force India driver Sergio Perez" Why would he do that? What does he have to gain?

Amit Mandalia: It’s sad to hear the news about Force India & it shows how F1 needs to look at costs when a team who finish fourth in the championship goes into administration the next year.

And we're off. One hour of third practice is under way with loads of drivers getting straight out there.

Andrew Benson
BBC Sport’s chief F1 writer

The off-track action has almost been hotter than that on track so far this weekend. As well as the rapidly unfolding Force India situation, McLaren and Red Bull are now at odds over the future of James Key. Key has signed for McLaren as technical director and is now on gardening leave from Toro Rosso.

Red Bull motorsport boss Helmut Marko told this writer this morning that he would hold him to his contract, which is said to run to 2020, and it would be “years” before Key could join McLaren. But this is legally not possible - the longest time they can prevent him from moving is 12 months. In a good-natured, humorous but cagey conversation, Marko said Key would be on ‘gardening leave’ from Monday but that it would last only a week before they put him in a different role.

We are live on 5 live right now and you can listen along by pressing the play button at the top.

You can also catch up with the Chequered Flag Podcast via the link below.

Lewis Hamilton has been in a reflective mood, looking back at his first win with Mercedes, which came in Hungary five years ago to the day. Not a bad career he has had with the team since then. Just the three world titles to go with the one he picked up with McLaren in 2008.

Image source, .

Time for a weather update, courtesy of BBC Weather's Ian Fergusson.

Some reaction to yesterday's track action from Max Verstappen, Esteban Ocon and Kevin Magnussen.

Image source, .

Image source, .

Image source, .

Kayleigh‍: Eddie Jordan should come and rescue FI, resurrect Jordan Grand Prix and run away with the title next year. Without Perez in a seat.

Zoe‏: Would be an utter shame if we lost Force India, have been a fan since early Jordan days. Liberty need to start concentrating on the important stuff like costs instead of adding silly needless graphics & other frivolities.

So, we are asking for your reaction to the news the Force India team has gone into administration and also what do Liberty Media need to do to make Formula 1 more affordable for teams?

Andrew Benson
BBC Sport’s chief F1 writer at the Hungaroring

Well, it’s been an interesting day or so out here in Hungary so far, and it peaked last night when Force India were put into administration at 20:30 BST in the UK. What happens next to the team that arguably provides the best bang for buck in Formula 1?

There is talk of a number of potential buyers, and the bosses sound confident the team can be saved. But administration is a very specific process with rules and requirements. So there is inevitably uncertainty as the process starts.

Ferrari's Sebastian Vettel was fastest in second practice while his title rival Lewis Hamilton was only fifth for Mercedes.

Hamilton and team-mate Valtteri Bottas made errors on their fastest laps in a car that appeared to lack rear grip. Max Verstappen's Red Bull was 0.074secs down on Vettel, with their respective team-mates Daniel Ricciardo and Kimi Raikkonen a couple of tenths back.

Hamilton ended up an unrepresentative 0.753secs off the pace.

Image source, F1

So, what happened on the track yesterday?

Well, Red Bull's Daniel Ricciardo pipped Ferrari's Sebastian Vettel in first practice at the Hungarian Grand Prix. The Australian was just 0.079 seconds quicker than Vettel but was running on a harder tyre than the German.

Ricciardo's team-mate Max Verstappen was third quickest as only 0.088secs separated the fastest three cars. Ferrari's Kimi Raikkonen was fourth, 0.335secs off the pace, and ahead of Mercedes' Lewis Hamilton, who had a big spin at Turn Five.

The world championship leader was not the only driver to lose control on the twisty and challenging Hungaroring's dusty track surface.

Sauber's Marcus Ericsson had two spins - one at the final corner early in the session and a high-speed one at the uphill kink of Turn Five, in which he narrowly escaped a sizeable impact with the barriers.

Image source, F1

So that news is the basis of our chat for today.

We want your thoughts on Force India going into administration. What next for the team and for the drivers Sergio Perez and Esteban Ocon?

What do Liberty Media need to do to stop the threat of Formula 1 teams going out of business?

Tweet us using the hashtag #bbcf1 to have your say.

Andrew Benson
BBC Sport’s chief F1 writer at the Hungaroring

Image source, Rex Features

Force India will compete in the remainder of the Hungarian Grand Prix weekend after being placed into administration on Friday.

In a note addressed to "friends", and seen by BBC Sport, team co-owner Vijay Mallya said court action was instigated by Force India driver Sergio Perez. Mallya said the team's operating company was the largest creditor, with debts owing of more than £159m.

He said he would work to secure the team's future with the administrator.

This could mean selling the team to new owners. There are said to be at least three potential buyers considering a purchase of the Silverstone-based outfit.

Hello. Welcome along to BBC Sport's live text commentary for third practice and then qualifying. I'm Michael Emons and I will be guiding you through the action today.

We have got live radio commentary for you throughout the day as well.

But first let's start with the big breaking news from the Formula 1 world, with Force India's future in doubt.

Yesterday was a good day for Daniel Ricciardo and Sebastian Vettel...

Image source, Getty Images

Image source, Getty Images

...but a very worrying one for everyone connected with Force India.

Image source, Getty Images