Spyker F1 Sold

Discussion in 'Motorsports' started by 01246579, Sep 1, 2007.

  1. #1 01246579, Sep 1, 2007
    Last edited by a moderator: Apr 25, 2016

    Spyker deal is done

    Our spies in Holland tell us that a deal has been done for the Mol family and India's Vijay Mallya to take control of the Spyker F1 team. This will mean that the name Spyker will disappear from Grand Prix racing after just 12 months and that the team will take on a new identity, probably linked to Mallya's Kingfisher brand, which is currently used to sell beer and for an airline.

    It is not impossible that the team will become known as Kingfisher F1.

    Backing for the operation may also come from some of Mallya's other brands, although this may not be possible because of the team's Arab sponsors, who may frown on the idea of strong alcohol.

    Michiel Mol will not doubt return to head the team and it is anticipated that the remaining staff will be unchanged. The deal will be announced on the Amsterdam stock exchange at some point (as it legally has to be) so the full details will be known. We anticipate that this will be in the region of $100m. Some of this will probably be in written-off debt (Mol's share) and the rest will be in cash.

    A deal was necessary because Spyker Cars NV owed $15m to the team's former owner Midland and this was due to be paid on September 15. A further $23m is outstanding. The troubled Dutch car company did not have the money to pay the debt and was looking for a backer to fund both the car business and the F1 team. It obviously failed to achieve this elevated goal and has settled for a deal to offload the F1 team and use the money to pay the debt and refinance the automobile business.
  2. NOEEEEESSSSSS!!!!!@!@
  3. Mol makes joint bid for Spyker
    Saturday, 01, September, 2007, 15:09

    Spyker’s Formula 1 director Michiel Mol has made a joint 80 million euros (£54 million) bid alongside Indian businessman Vijay Mallya for the Silverstone-based squad.

    Spyker Cars last month announced it was considering selling its F1 operation, with Mol confirming that he was interested in taking full control.

    The Dutch sports car maker released its half-year results for 2007 on Friday evening and announced within the statement that a consortium made up of Mol’s investment arm and a firm owned by Mallya had tabled a bid for the F1 team and that it would now be entering into negotiations with it.

    “These discussions, completed today, have resulted in an agreement to enter into an exclusive 30 day negotiation period with a consortium consisting of Strongwind, the Luxembourg based investment arm of the Mol family as well as Watson Limited, a company owned and controlled by Dr. Vijay Mallya, an Indian industrialist,” the statement said.

    “This group has tabled an initial offer in the amount of EUR 80 million (USD 109 million) for the Spyker Formula One Racing Team subject to due diligence and the exact terms and conditions of the offer will be discussed over the coming 30 days.

    “In September 2006 Spyker bought the Formula One Racing Team for USD 106.6 million.”

    Spyker Cars announced it was considering the full or partial sale of its F1 operation in a bid to ease financial difficulties the company as a whole was facing.

    It posted net losses of 29.9 million euros (£20.2m) for the first half of 2007 in its statement on Friday and confirmed the F1 team had made a 13 million euros loss (£8.8m). (ITV)
  4. So Mol could still be involved and Muller got canned basically? Sounds like win-win to me.
  5. glad to see it go. now get the finances back in shape and don't look at the past anymore.
  6. Indian tycoon set for Spyker deal

    Indian billionaire Vijay Mallya has emerged as the potential new owner of the struggling Spyker Formula One team.

    He and Michiel Mol, Spyker's director of F1, have had a £50m bid accepted by Dutch owners Spyker Cars NV.

    "I have been dreaming about owning a Formula One team. I was looking at the right opportunity to show up at the right time," said Mallya.
    "2008 will be the starting point for a gradual improvement. No miracles are going to be produced."

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

    With him in charge, it could mean an Indian driver in F1 next season, potentially Narain Karthikeyan, who is currently a test driver for Williams.

    It is also likely the team will race under a different name in 2008, although Mallya was unable to confirm driver or team name possibilities.

    "It would give me immense pleasure to see an Indian drive an Indian F1 car, but we have to consult with the team principal and chief technical officer," he said. "As of today I won't be able to commit whether Spyker Ferrari will continue to maintain the same name or not next season.
    What name the new team will race under is subject to approval of other teams and the F1 management.
    But the deal is good for F1. It's good for India and for F1's management because viewership (in India) is going to shoot up now." (BBC)
  7. Spyker was my favorite of the "rest" of the cars. I dont know why, but i really wanted to see them do well in the field. :\ oh well. I hope this new owner can do well and make it into a competitive team
  8. -10
  9. Good, they should just concentrate on their sports car program.
  10. Indian businessman Dr Vijay Mallya and Dutch entrepreneur Michiel Mol look set to become the new owners of the Spyker Formula One team, which was bought from the Midland Group only a year ago by sportscar makers Spyker Cars.

    Mallya - Chairman and CEO of Toyota sponsor Kingfisher Airlines - and Mol - Spyker’s Formula One Director - say they have had their offer accepted by the Spyker board, and that the deal is expected to go through within a month.

    It follows last month’s announcement from Spyker that it was considering selling the team as part of an ongoing strategic review. If the takeover goes ahead, it means the former Jordan team could be renamed yet again, following recent incarnations as Midland and MF1.

    "I have been dreaming about owning a Formula One team - I was looking at the right opportunity to show up at the right time," said Mallya, who is expected to become the team’s chairman and managing director.

    Spyker have endured a difficult 2007 season and have yet to score a championship point with their Ferrari-powered F8-VII car. And while Mallya envisages a far brighter future for the team, he ruled out the possibility of any quick fixes.

    "2008 will be the starting point for a gradual improvement,” he said. “No miracles are going to be produced."

    Mallya, whose UB Group has beer, spirits and airline operations in India, also refused to be drawn on new team names or driver line-ups. Incumbents Adrian Sutil and Sakon Yamamoto remain unconfirmed for 2008 and Mallya’s involvement has heightened speculation of an Indian driver - such as Williams tester Narain Karthikeyan - winning a seat.

    "As of today I won't be able to commit whether Spyker-Ferrari will continue to maintain the same name or not next season. What name the new team will race under is subject to approval of other teams and the F1 management.

    "It would give me immense pleasure to see an Indian drive an Indian Formula One car, but we have to consult with the team principal and chief technical officer," he continued.

    Karthikeyan raised the profile of Formula One racing in his home country when he became the first Indian to compete in a Grand Prix with Jordan in 2005. Now Mallya believes his purchasing Spyker could boost it still further.

    “The deal is good for F1. It's good for India and for F1's management because (Indian) viewership is going to shoot up now," he added. (Formula1.com)
  11. Damn right. The GT2 Spyker program is soooo much better (and WAY cheaper too)!
  12. Spyker confirms sale of F1 team
    Friday, 21, September, 2007, 10:59

    Spyker Cars has announced that it has agreed the sale of its Formula 1 team to Indian billionaire Vijay Mallya and the Mol family, subject to approval by its shareholders.

    The low-volume Dutch sports car maker said it had reached an “initial agreement on the main discussion points” having entered into a 30-day negotiation period at the end of August.

    As a result of those negotiations the sale price has been increased from 80 million to 88 million euros.

    The deal will be put to shareholders on September 29 and is expected to be finalised by the end of the month.

    Spyker Cars launched a “strategic review” in May this year to look at a variety of refinancing options – including the sale of the F1 operation which it only acquired the previous September.

    Last month it admitted it had liquidity problems as a consequence of both the core business and the F1 team making losses.

    Hans Hugenholtz, the interim CEO of Spyker Cars, said the company had no choice but to sell the team to shore up its financial position.

    “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,” he said.

    “It has become increasingly clear that we could not continue to operate in both the world of Formula 1 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.”

    The F1 team registered a 13 million euro loss in the first half of 2007, accounting for almost half of Spyker’s overall loss over the period of 29.9 million euros. (ITV)
  13. Force India joins the grid

    Spyker will become Force India for 2008 after its formal request for a name change was accepted by the FIA's World Motor Sport Council on Wednesday.

    The team, which will take on its third identity change in four years, has been bought by billionaire Indian Vijay Mallya, who has plans to use the team as a conduit for talent and finance from his own country.

    “We have applied to the FIA for a change in name of the company and the team from Spyker to Force India,” Mallya told Reuters over the Brazilian Grand Prix weekend. “I think that sums it all up as to why I am here.”

    Mallya, who along with Spyker's F1 director Michel Mol led a consortium buy-out of the team last month, has indicated that though the team's logo and branding is likely to incorporate India's national colours he would not push for an Indian driver before one is ready.

    Having already stated a desire to re-sign promising rookie Adrian Sutil, Mallya said he would like to see a more seasoned driver in the second seat.

    Veteran Toyota outcast Ralf Schumacher has been linked to the seat, as has Jarno Trulli should the Italian also leave the Japanese manufacturer squad.

    “We need a driver of some calibre to also improve the performance of the team," said Mallya. "We can’t have rookies only...for better performance I need a proven driver.” (ITV)

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