Spyker in principle sold for €88 million

In principle, the Spyker F1 Team is sold to the consortium of Vijay Mallya and Strong Wind, which is in the hands of the Mol Family. The 30 day negotiation period, which started on the 31st August, resulted in an agreement to increase the sales price from €80 million to €88 million. On 29 September, the shareholders of Spyker Cars will vote on the sale.

In a statement, Spyker Cars CEO Hans Hugenholtz declared: "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."