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1,986 views March 3, 2008

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No final deal reached for Spyker F1 team

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Spyker has revealed it hasn’t reached a final agreement with Orange India for the sale of its F1 team despite the gala launch of the new Indian-backed team last month. A number of issues of relative minor financial importance are the only factors preventing a formal takeover of the team, Spyker said in an official statement.

“A prediction of the total annual result for 2007 cannot be made yet because an impairment test will be made as part of the annual closing process, which might influence the final figures 2007,” the official statement said. According to Thomson Financial, Spyker should still receive €88 million for the F1 team, which includes debts of €23.6 million.

Spyker also announced that it had made a loss of €67.3 million for the first nine months of year and only managed to make €3.8 million in sales over the same period.

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