Formula One news

'Spyker F1 sold before end of the month'

Indian businessman Vijay Mallya believes the Spyker F1 team will be sold by the end of this month. Earlier this month the team announced that it is negoatiating with a takeover deal with a consortium led by Vijay Mallya and the Mol-family, currently also shareholder at Spyker Cars. If the team will change owner at the end of the month it will be the third time in three years.

Speaking about the possibility of 'Team India' Vijay Mallya told F1.com: "The deal will be completed by the end of September. In between I will sit down with the team management to come up with a sound budget. Just off the top of my head, in a very casual way, maybe yes, the budget has to be increased - and if it is justified and the money is spent in the right way, I have no problems in approving a bigger budget for the team."

It is very likely that the Formula 1 squad will once again change their name again. Mallya explained: "I don't know if we can keep the name Spyker, as Spyker is a car company. One thing is for sure, I want to put the word India into the name of the team, but I have not really spent time on the name so far."

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