Sale of Spyker confirmed

Spyker Cars confirmed on October 5th that, after a period of negotiation that began on the last day of August, a final agreement has been reached for the sale of the Formula One team. The team has been handed over to the new owners, a consortium...

Spyker Cars confirmed on October 5th that, after a period of negotiation that began on the last day of August, a final agreement has been reached for the sale of the Formula One team. The team has been handed over to the new owners, a consortium by the name of Orange India Holdings.

Shareholders of Spyker Cars N.V approved the sale at a meeting on September 29th as part of a refinancing structure. The original price offered was €80 million but after the negotiations the amount was increased to an agreed €88 million.

Orange India Holdings is headed by Indian businessman Vijay Mallya and Spyker's director of F1 Michiel Mol. It's not yet known what the future name of the team will be but principal Colin Kolles previously said a change is likely if the regulations permitted.

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Series Automotive , Formula 1
Drivers Colin Kolles