Spyker considers selling F1 team

Dutch sports car maker Spyker Cars NV might sell some or all of its Formula One team as part of a refinancing plan and strategic review, Spyker said on Tuesday

Spyker considers selling F1 team

Spyker said in a statement that negative publicity on its credit worthiness and survivability had forced it to get additional funds to secure its short term liquidity position and to continue investments.

"Of the various refinancing scenarios being considered, the (partial) sale of the Spyker Formula One Team is one possibility," said Spyker, adding that it was reviewing a number of unsolicited received offers for the team or parts of it.

Spyker's current interim chief executive and director of the Spyker Formula One team, Michiel Mol, is also considering buying the racing team and he would step down as CEO and director to prevent a conflict of interest, Spyker said.

The vice-chairman of its supervisory board, Hans Hugenholtz, will temporarily take on the role of CEO until a successor for Mol was found.

The company, founded in 2000, said it expected to make a loss in 2007 and added its Formula One team would be not be "cash neutral" due to higher than expected costs and lower than expected revenues from television rights and sponsors.

Spyker, which bought a Formula One team last September, said its short term liquidity position was tight and its shareholder Strongwind of Luxembourg had supported Spyker with an additional 2 million euros ($2.72 million) loan.

The car maker said it expected its refinancing operation to be completed by the end of the third quarter this year. Last month it said delisting was a possibility.

shares
comments
Prodrive's F1 plans 'progressing well'

Previous article

Prodrive's F1 plans 'progressing well'

Next article

Berger backs Bourdais to shine in F1

Berger backs Bourdais to shine in F1
Load comments
The squandered potential of a 70s F1 underdog Plus

The squandered potential of a 70s F1 underdog

A podium finisher in its first outing but then never again, the BRM P201 was a classic case of an opportunity squandered by disorganisation and complacency, says STUART CODLING

Formula 1
Sep 18, 2021
The other notable Monza escape that F1 should learn from Plus

The other notable Monza escape that F1 should learn from

OPINION: The headlines were dominated by the Italian Grand Prix crash between Max Verstappen and Lewis Hamilton, who had the halo to thank for avoiding potentially serious injury. But two days earlier, Formula 1 had a lucky escape with a Monza pitlane incident that could also have had grave consequences

Formula 1
Sep 17, 2021
How Monza only added more questions to F1's sprint race conundrum Plus

How Monza only added more questions to F1's sprint race conundrum

With two sprint races under its belt, Formula 1 must now consider its options for them going forward. While they've helped deliver exciting racing on Sundays, the sprints themselves have been somewhat lacking - creating yet another conundrum for F1 to solve...

Formula 1
Sep 16, 2021
Who should Alfa Romeo sign for 2022's F1 season? Plus

Who should Alfa Romeo sign for 2022's F1 season?

OPINION: With Valtteri Bottas already signed up for 2022, all eyes are on the race for the second seat at Alfa Romeo next year. Antonio Giovinazzi is the current incumbent, but faces a tough competition from appealing short and long-term prospects

Formula 1
Sep 15, 2021
The "forced break" that was key to Ricciardo's Monza excellence Plus

The "forced break" that was key to Ricciardo's Monza excellence

OPINION: Daniel Ricciardo has long been considered one of Formula 1’s elite drivers. But his struggles at McLaren since switching from Renault for 2021 have been painful to watch at times. Yet he’s recovered to banish those memories with a famous Monza win – built on a critically important foundation

Formula 1
Sep 14, 2021
How Verstappen is ruining his F1 title battle with Hamilton Plus

How Verstappen is ruining his F1 title battle with Hamilton

OPINION: The Italian GP clash between Lewis Hamilton and Max Verstappen followed a running theme in the 2021 Formula 1 title fight. Their close-quarters battles have often resulted in contact - and although Hamilton has shown a willingness to back off, Verstappen must learn to temper his aggression

Formula 1
Sep 14, 2021
Italian Grand Prix Driver Ratings Plus

Italian Grand Prix Driver Ratings

Two drivers produced maximum-score performances as, for the second year in a row, Monza threw up an unpredictable result that left several others ruing what might have been

Formula 1
Sep 13, 2021
Why Ricciardo was set for Monza F1 triumph even without Verstappen/Hamilton crash Plus

Why Ricciardo was set for Monza F1 triumph even without Verstappen/Hamilton crash

The clash between Max Verstappen and Lewis Hamilton was the major flashpoint the 2021 Italian Grand Prix will be remembered for. Yet by this point, race leader Daniel Ricciardo had already done the hard work that would put him in position to end his and McLaren's lengthy win droughts, on a memorable afternoon in Monza

Formula 1
Sep 13, 2021