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Spyker sale to Mallya and Mol completed

The sale of Spyker's Formula One team to a consortium led by Indian billionaire Vijay Mallya and Dutch businessman Michiel Mol has been approved by the Dutch sportscar company's shareholders.

A meeting in Holland on Saturday approved the sale of the F1 team to Mallya and Mol's companies, Watson Ltd and Strongwind, for a sum of 88 million euros.

Exclusive negotiations between Spyker and the companies began on August 31st for an original price of 80 million euros, although the cost eventually rose by a further eight million euros.

The deal has now been approved and only minor legal issues remain to be completed in the next 24 hours before the contracts are finally signed.

Mallya is expected to attend next weekend's Chinese Grand Prix as a team owner for the first time.

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