2012 BMW M6 Preview

New Bentley Designer, David Hilton's Past: Motorcity Europe

Another Good NHRA Racing Day At Pomona
Indy Cars Return To The Milwaukee Mile

Formula One Concludes First Open Test At Jerez, Alonso On Top

Mazda Asks, 'What Do You Drive?': Video
Tesla Model X Unveiling And Ordering Details: Video

$1 Billion Prize Proposed For 100 MPG Car

INDYCAR Sets Leaders Circle Participants For 2012

Spyker agrees to F1 team sale

Ralph Hanson

Author

LATEST ARTICLE
Report: Chevrolet Camaro Z28 Back On Production Path
When General Motors' financial situation turned from serious to bankruptcy-bound, two of the first... Read More

N/ALEADERBOARD RANK
1799ARTICLES CONTRIBUTED
0COMMENTS POSTED

1,348 views September 21, 2007

Spyker agrees to F1 team sale

Enlarge Photo

Spyker announced on Thursday that an "initial agreement" to sell the Dutch formula one team to Vijay Mallya and the Mol family for 88m euros has now been reached.

It emerged earlier this month that Spyker Cars' board had granted the consortium, which offered 80m euros, 30 days of exclusive negotiations to conduct due diligence.

"The negotiations have resulted in an agreed increased sale price of EUR 88 million," a statement explained.

The sale will be final upon the completion of "several (legal) conditions)" and the approval of the parent company's board at a September 29 meeting, Spyker added.

CEO Hans Hugenholtz 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."