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Rediff News  All News  » Sports » Spyker completes sale of F1 team

Spyker completes sale of F1 team

October 05, 2007 11:55 IST

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.

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.

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