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Spyker sale agreed in principle 21 Sep 2007

Dr Vijay Mallya (IND) CEO Kingfisher with the Fly Kingfisher Girls and Michiel Mol (NED) Spyker.
Formula One World Championship, Rd 13, Italian Grand Prix, Qualifying Day, Monza, Italy, Saturday, 8 September 2007 Dr Vijay Mallya (IND) CEO Kingfisher.
Formula One World Championship, Rd 13, Italian Grand Prix, Qualifying Day, Monza, Italy, Saturday, 8 September 2007

Dutch sportscar makers Spyker say they have reached an initial agreement to sell their Formula One team to the consortium led by Indian businessman Vijay Mallya. The deal should now be completed by the end of the month, subject to shareholder approval.

Mallya’s consortium, which also includes Michiel Mol, Spyker’s Director of Formula One, is expected to pay €88 million for the team - up €8 million on the original price. With the main discussion points agreed, the bid will be put to shareholders on September 29.

“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,” said Hans Hugenholtz, Spyker’s interim CEO.

“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.”

Mallya has yet to confirm a name for the team or a 2008 driver line-up.