05/10/2007
NEWS STORY
Dutch car manufacturer Spyker Cars NV has completed the sale of its Formula One team.
The sports car manufacturer, which is currently suffering severe financial problems, today completed the sale of the Silverstone based F1 team to Orange India Holdings, a consortium which includes Indian businessman Vijay Mallya. The deal is understood to be worth $124m (£60m).
A statement issued earlier today read: "Today, after signing of the official documentation, management of the Spyker Formula One Team has been handed over to the new owners: Orange India Holdings."
Over the off-season the team will no doubt undergo yet another name change - having morphed from Jordan to Midland to Spyker - subject to the approval of its rival teams. Then will come the business of choosing drivers, securing sponsors and building its 2008 contender.