Spyker team sold

UPDATE #2 This story, first broke by AutoRacing1.com, will soon go to 'fact.' The Mol Family and Vijay Mallya have formed a consortium that has made an offer to the Board of Spyker Cars N.V. to acquire 100% of the Spyker Formula One Team they confirmed.

This offer has been accepted by the Board of Spyker Cars N.V. and exclusivity has been granted to the consortium Orange India Holdings Sarl to proceed with due diligence, binding agreements and such other formalities that are necessary to achieve completion within 30 days.

Michiel Mol stated: "I have been a keen investor in Spyker and fully supported the acquisition of the Formula One Team from the Midland Group. I am very happy to partner Vijay Mallya in this exciting new venture. India has a booming economy and is a country with great opportunity. With this step we continue the involvement of The Netherlands in Formula One. I am looking forward to make this a competitive Indian Dutch combination. With the resources Vijay Mallya brings together with his Indian counterparts, I am confident that the Formula One Team has a very bright future".

Commenting upon the transaction, Vijay Mallya said "I am delighted to partner the Mol Family in the acquisition of the Spyker Formula One Team. India is a country with great opportunity and I hope to see a Formula One race being staged in India in the next 2 years. Quite apart from research and development resources available in India, Indian companies are going global and would leverage the Formula One platform to gain international exposure. It will be my endeavor to work closely with the Spyker Team management to improve the performance of the cars going forward".

08/31/07 We hear the buyer is Dr. Vijay Mallya, Chairman of the UB Group stated that owns Kingfisher Airlines.

08/31/07 According to our sources, the Spyker F1 team has indeed been sold. No word yet on who the final buyer was.