Struggling Dutch sports car maker Spyker Cars NV has reached a final agreement to sell its Formula One team to a consortium for 88 million euros ($124 million), it said on Friday.

"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," Spyker said, referring to a consortium which includes Indian businessman Vijay Mallya [Images].

The sports car maker said it would now focus on finalising its strategic review and the related refinancing.

Spyker bought the Formula One team from Midland for $106.6 million last year. The team suffered a 13 million euro loss in the first half of the year, lifting Spyker's overall loss to 29.9 million euros from 1.1 million in the year-ago period.

Spyker shares closed at 3.00 euros on Thursday, a fraction of the 52-week high of 21.60 euros they touched on November 22, 2006.