Spyker confirm F1 team sale

Spyker Cars NV is to sell its loss-making Formula One team to a group which includes businessman Vijay Mallya for 88 million euros ($123 million), the Dutch sports car maker said on Thursday

Spyker confirm F1 team sale

"With the sale of the Formula One Team now agreed in principle... Spyker Cars N.V. will return to the task of finalizing the internal strategic review and associated refinancing which has been ongoing since May," Spyker said in a statement.

On September 1, Spyker's director of Formula One, Michiel Mol, said he had teamed up with Mallya to make an 80 million euro bid for the team. The offer was made through Strongwind, the investment arm of the Mol family, and Watson Limited, which is owned by Mallya.

Mallya is chairman and controlling shareholder of the UB Group, which has beer, spirits and airlines operations in India.

Spyker shareholders will vote on the sale on September 29.

Spyker bought the Formula One team from Midland for $106.6 million last year. The team had a 13 million euro loss in the first half of the year, lifting Spyker's overall loss to 29.9 million euros from 1.1 million in the year-ago period.

Spyker, which makes two-seaters that retail from around 250,000 euros, has forecast a loss this year. It is seeking a permanent chief executive and chief financial officer. Its shares ended 13 percent up at 3.50 euros on Thursday.

shares
comments
De la Rosa fastest as testing ends
Previous article

De la Rosa fastest as testing ends

Next article

Montoya: I feel sorry for Alonso

Montoya: I feel sorry for Alonso
Hamilton's first experience of turning silver into gold Plus

Hamilton's first experience of turning silver into gold

The seven-time Formula 1 world champion has been lumbered with a duff car before the 2022 Mercedes. Back in 2009, McLaren’s alchemists transformed the disastrous MP4-24 into a winning car with Lewis Hamilton at the wheel. And now it’s happening again at his current team, but can the rate of progress be matched this year?

Why few could blame Leclerc for following the example of Hamilton’s exit bombshell Plus

Why few could blame Leclerc for following the example of Hamilton’s exit bombshell

OPINION: Ferrari's numerous strategy blunders, as well as some of his own mistakes, have cost Charles Leclerc dearly in the 2022 Formula 1 title battle in the first half of the season. Though he is locked into a deal with Ferrari, few could blame Leclerc if he ultimately wanted to look elsewhere - just as Lewis Hamilton did with McLaren 10 years prior

Formula 1
Aug 9, 2022
The other McLaren exile hoping to follow Perez's path to a top F1 seat Plus

The other McLaren exile hoping to follow Perez's path to a top F1 seat

After being ditched by McLaren earlier in his F1 career Sergio Perez fought his way back into a seat with a leading team. BEN EDWARDS thinks the same could be happening to another member of the current grid

Formula 1
Aug 8, 2022
How studying Schumacher helped make Coulthard a McLaren F1 mainstay Plus

How studying Schumacher helped make Coulthard a McLaren F1 mainstay

Winner of 13 grands prix including Monaco and survivor of a life-changing plane crash, David Coulthard could be forgiven for having eased into a quiet retirement – but, as MARK GALLAGHER explains, in fact he’s busier than ever, running an award-winning media company and championing diversity in motor racing. Not bad for someone who, by his own admission, wasn’t quite the fastest driver of his generation…

Formula 1
Aug 7, 2022
Could F1 move to a future beyond carbonfibre? Plus

Could F1 move to a future beyond carbonfibre?

Formula 1 has ambitious goals for improving its carbon footprint, but could this include banishing its favoured composite material? PAT SYMONDS considers the alternatives to carbonfibre and what use, if any, those materials have in a Formula 1 setting

Formula 1
Aug 6, 2022
How Russell has proven he deserves to be Hamilton's Mercedes heir Plus

How Russell has proven he deserves to be Hamilton's Mercedes heir

He’s fast, he’s smart, and he’s already shown he’s not going to let Max Verstappen intimidate him. George Russell won’t say it, but LUKE SMITH says he’s ready to take the lead at Mercedes when Lewis Hamilton moves on to a quieter life. And – whisper it – Mercedes and Lewis are starting to think so too

Formula 1
Aug 5, 2022
The traits that fuelled Alonso's unexpected Aston Martin move Plus

The traits that fuelled Alonso's unexpected Aston Martin move

Fernando Alonso’s bombshell switch to Aston Martin sent shockwaves through Formula 1, not least at Alpine that finds itself tangled in a contract standoff with Oscar Piastri. Not shy of a bold career move and with a CV punctuated by them, there were numerous hints that trouble was brewing

Formula 1
Aug 4, 2022
The elements Ferrari must resolve to first save face, then win championships Plus

The elements Ferrari must resolve to first save face, then win championships

OPINION: Ferrari's Formula 1 title hopes look all but over after another strategic blunder in last week's Hungarian Grand Prix denied Charles Leclerc the chance to fight for victory, while handing it to chief rival Max Verstappen. The Scuderia now faces intense scrutiny over what it must now do to finally become a genuine factor in championship battles

Formula 1
Aug 3, 2022