Formula One news

Spyker considering F1 team sale

Spyker Cars is considering selling some or all of its Formula One team as part of a strategic review to refinance the entire organisation, the Dutch sports car company revealed this evening.

Spyker Cars has received much negative publicity about the state of its finances in recent months and in a statement said it has been forced to source additional funds to secure its position and continue investments.

"Of the various refinancing scenarios being considered, the (partial) sale of the Formula One team is one possibility," Spyker Cars said in a statement.

Spyker's F1 director Michiel Mol is known to be considering buying the team and would therefore step down from his position as CEO and director to prevent a conflict of interest. 

The refinancing is expected to be completed by the end of September.

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