Spyker agrees to sell the F1 team

Posted on Sunday, 23 September 2007 , 02:09:34 byEmil

Filed under spykeragreesellf1teamdutchSpyker

Spyker agrees to sell the F1 team

Spyker made an announcement Thursday saying that an `initial agreement` to sell the Dutch formula 1 team to Vijay Mallya plus the Mol family for 88m euros has at the present been reached.

Earlier this month it emerged that Spyker Cars` board said yes to the consortium, which offered 80m euros, during 30 exclusive negotiations days to run due diligence.

`The negotiations have resulted in an agreed increased sale price of EUR 88 million,` explained in a statement.
Spyker added the sale will be finished after `several (legal) conditions` and will be approved by the parent company`s board in meeting on September 29.

Hans Hugenholtz – the CEO commented: `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`.