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Viknesh Vijayenthiran

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Vik is an Editor at High Gear Media and contributor for a number of sites within the High Gear Media network. He was a co-founder of... More

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Michiel Mol backs out of Spyker

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One of Spyker’s key investors and former director of its F1 team Michiel Mol is reported to have sold his last remaining stake in the company to an investment fund in Latvia, essentially cutting all his ties with the ailing sports carmaker. Mol originally paid up to €37 million for his parcel of shares just over a year ago and has now allegedly sold them to the investment fund for just €9.275 million.

Spyker Cars chief executive and founder Victor Muller confirmed to DFT that Mol was planning to sell his remaining stake, but could not confirm whether the transaction had already taken place. Muller, meanwhile, is expected to retain his 11% holding.

Spyker has been in financial troubles recently and was forced to drop development plans for several new models as well as sell off its F1 team to help turnaround its rising debts. We just hope Mol’s exit from ownership in the carmaker isn’t a sign of worse things to come.