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."