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Spyker considers sale of Formula One team 15 Aug 2007

Michiel Mol (NED) Spyker.
Formula One World Championship, Rd 11, Hungarian Grand Prix, Qualifying Day, Budapest, Hungary, Saturday, 4 August 2007

Dutch sports car maker Spyker has announced that it may sell some or all of its Formula One team, as part of an ongoing strategic review and refinancing operation. The company explained that recent negative publicity concerning its “credit worthiness and survivability” had obliged the organisation to find additional funds to secure its short term liquidity.

“Continued press speculation has induced a number of third parties to make unsolicited offers, including several for the (partial) acquisition of the Spyker Formula One team. Of the various refinancing scenarios being considered, the (partial) sale of the Formula One team is one possibility,” read Tuesday’s press release.

The company also revealed that the team’s Formula One director Michiel Mol is considering making an offer. As a result, Mol plans to relinquish his role as the interim CEO of Spyker Cars N.V and temporarily step down as the racing outfit’s director, to avoid any potential conflict of interest.

Spyker bought the Midland team, formerly Jordan, in September 2006, financing the acquisition through a combination of a new share issue and an interest-free loan from the Midland Group.