Midland could bail out Spyker

(GMM) A possible savoir of the Spyker team has a familiar ring to it — Midland's Alex Shnaider.

The Russian-Canadian billionaire sold the Silverstone based team to Spyker last year, but retains an interest due to monies still owed.

So with Spyker in financial difficulty and searching for a buyer, the fact that Midland holds the formula one team as security against its debt could become significant.

Shnaider told F1's official website on Friday that he expects the current Dutch management to pay its bills.

"Whether or not Spyker is in some turmoil, we expect the deal to be executed as agreed, and we will try to help them along if requested," he said.

The 37-year-old admitted, however, that Midland could be a viable creditor for the team.

Shnaider said: "We have rescued the team in the past and we are capable of doing it again, if necessary."

But he advises Spyker to find a partner or simply sell up.

And "if we are forced to take the team back, then we will fund it in the short term while also looking for (a) commercial partner."