Spyker F1 Sold

[cosworth151]

I just found this on the Spyker F1 team's site:

"Sunday afternoon a spokesman of Dutch businessman Michiel Mol stated that he and his partner Vijay Mallya from India (owner of Kingfisher Airlines) had bought the team for 80 million euro. Later that day another spokesman reported the news was incorrect. To be continued...
Spyker Cars NV, builder of exclusive high end sports cars and (former) owner of Spyker F1, is in financial troubles. The company lost 29,9 million euros in the first half of this year. The Dutch car company urgently needs money to invest and pay off bills."

Then Alan Henry had this in Monday's (3 Sept) Gaurdian:

"Mallya has reportedly joined up with Spyker's director, Michiel Mol, to make an €80m (£54m) bid for the team, who currently occupy last place in the constructors' championship with no points, level with Scuderia Toro Rosso.

"Team India is on the formula one grid," Mallya said at a press conference to launch the team in Mumbai on Saturday. "I have been dreaming about owning a team. I was looking at the right opportunity to show up at the right time." He has been trying to bring an Indian grand prix to New Delhi and his acquisition will fuel speculation that he may well succeed in the next two or three years."

They have been bought, they haven't been bought, tune in again tomorrow.....Has there ever been any business transaction involving Midland/Spyker F1 that has been straight forward?

[Alianora La Canta]

The consortium is doing due diligence at the moment. There are three reasons why just about everyone thinks the sale is going through and that it is only a matter of time before it's confirmed.

One, the Spyker Cars Board gave exclusive permission for the "Orange India" consortium to do due diligence of no more than 30 days' duration. That is not something given to fly-by-nights, and it is a vote of confidence in the consortium.

Two, half of the consortium is Michiel Mol's companies. Michel Mol was Spyker F1's CEO until a few weeks ago, when he stepped down to avoid a conflict of interest. He is really passionate about both Spyker Cars and Spyker F1, and believes that this split is for the best for both companies. Apart from extricating some fairly complex financial ties, it allows Spyker F1 access to more finances.

Three, Spyker Cars can't afford to hold onto Spyker F1 for much longer anyway. It needs to find a way of paying, or getting someone else to pay, Midland €15m on September 15 and another €23m in December. Spyker Cars doesn't have that kind of cash down its sofa. Obvious conclusion? Get it sold so that it doesn't have to hand it over as a freebie.

Alan Henry is correct, but Michiel Mol's spokesman is going to be right. It's an important difference, but in the fullness of time, not one that will prove overly serious. I hope.

[raindancer]

This was reported widely last week and I was quite surprised to find no reference on this forum.
Mallaya owns a business empire consisting of Liquor, Airlines, Brewery's and is his estimated personal worth in excess of $ 6 B.