Formula One news

Spyker team sold for 88million Euros

The Spyker F1 team is to be sold to the Watson Ltd and Strongwind consortium for 88 million Euros, the board of current owner Spyker Cars revealed on Saturday afternoon. 

Following a meeting of the team's shareholders to consider a new offer from the consortium, the team issued a statement that the sale would go ahead, providing all necessary legal procedures are satisfied before 30 September.

The Spyker company has been in financial trouble recently and some reports even suggested money from the F1 operation was being used to stabilise the sports car manufacturing business. The sale of the F1 team will give the car business a much needed cash boost.

Spyker's interim CEO, Hans Hugenholtz commented, "Our car business is viable and has a future which was confirmed to us by outside consultants, provided that the financial means to invest in the development of the LWB car with automatic gear box and SSUV can be secured in the months to come."

Once the sale of the F1 team is complete the Spyker Cars board will return to the task of finalising the internal strategic review and associated refinancing which has been ongoing since May.

Spyker only bought the F1 team from the Midland industrial group last year.

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