Formula One news

Spyker F1 team sold in principle

The Spyker Formula 1 team is sold in principle to the consortium of Vijay Mallya and Strong Wind (the Mol Family) Spyker Cars N.V. announced. Both parties entered into an exclusive 30 day negotiation period on the 31st August 2007 to negotiate the possible sale of the Spyker F1 Team to the consortium based upon an initial offer of EUR 80 million.

The team furthermore announced that the recent negotiations have resulted in an agreed increased sales price of EUR 88 million.

The Spyker Cars shareholders will meet on Saturday 29 September to vote on the sale.

Spyker Cars CEO Hans Hugenholtz commented on the agreement: "We obviously regret having to sell the Spyker F1 Team, especially after the progress we showed in Spa and the promise of the revised B-Spec car. It has become increasingly clear that we could not continue to operate in both the world of Formula One as well as maintain the investments needed to grow and develop the road car division. Our first responsibility must always be to our investors, employees, dealers, suppliers and customers and it is therefore time for us to return to our core activity. We will now complete our search for a permanent CEO and CFO to implement our new strategy and build upon the global brand awareness that we have achieved until today."

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