Spyker Cars announced that negotiations to sell it's F1 team to the Vijay Mallaya and Strongwind consortium have resulted in an initial agreement. Spyker and the consortium have entered a 30 day negotiations period on the 31st of August 2007.
Spyker received an initial offer for it's F1 Team of 80 million EUR and through negotiations they raised the price to 88 million EUR. The following amounts will be paid:
- Midland Group: 27.5 million EUR
- ABN-AMRO: 13.5 million EUR
- Strongwind: 17.3 million EUR
- Net creditors: 13.0 million EUR
Hans Hugenholtz, CEO: "We obviously regret having to sell the Spyker F1 Team, especially after the progress we showed in Spa and the promise of the revised B-Spec car. 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. Our first responsibility must always be to our investors, employees, dealers, suppliers and customers and it is therefore time for us to return to our core activity. We will now complete our search for a permanent CEO and CFO to implement our new strategy and build upon the global brand awareness that we have achieved until today"
