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Mallya and Mol are new Spyker owners 05 Oct 2007

(L to R): Michiel Mol (NED) Spyker with Michiel Mol (NED) Spyker.
Formula One World Championship, Rd 13, Italian Grand Prix, Qualifying Day, Monza, Italy, Saturday, 8 September 2007

Sportscar makers Spyker have completed the sale of their Formula One team to the consortium led by Indian businessman Vijay Mallya and Dutch entrepreneur Michiel Mol. The deal - worth €88 million - was finalised on Friday, having been approved by the company’s shareholders last weekend.

"Today, after signing of the official documentation, management of the Spyker Formula One Team has been handed over to the new owners: Orange India Holdings," said Spyker, who now plan to concentrate on their road car business.

The Mallya-Mol consortium becomes the former Jordan team’s third owner in just three years. The Midland group took over in 2005, before selling the squad on to Spyker late last year.

Mallya, who is expected to attend this weekend’s Chinese Grand Prix, has made no secret of his plans to give the team an Indian flavour, though he has yet to confirm a name or driver line-up for 2008.