F1: Spyker considers selling F1 team

Plex

Dutch sports car maker Spyker Cars NV might sell some or all of its Formula One team as part of a refinancing plan and strategic review, Spyker said on Tuesday.

Spyker said in a statement that negative publicity on its credit worthiness and survivability had forced it to get additional funds to secure its short term liquidity position and to continue investments.

"Of the various refinancing scenarios being considered, the (partial) sale of the Spyker Formula One Team is one possibility," said Spyker, adding that it was reviewing a number of unsolicited received offers for the team or parts of it.

Spyker's current interim chief executive and director of the Spyker Formula One team, Michiel Mol, is also considering buying the racing team and he would step down as CEO and director to prevent a conflict of interest, Spyker said.

The vice-chairman of its supervisory board, Hans Hugenholtz, will temporarily take on the role of CEO until a successor for Mol was found.

The company, founded in 2000, said it expected to make a loss in 2007 and added its Formula One team would be not be "cash neutral" due to higher than expected costs and lower than expected revenues from television rights and sponsors.

Spyker, which bought a Formula One team last September, said its short term liquidity position was tight and its shareholder Strongwind of Luxembourg had supported Spyker with an additional 2 million euros ($2.72 million) loan.

The car maker said it expected its refinancing operation to be completed by the end of the third quarter this year. Last month it said delisting was a possibility.

Autosport

MG Man · Posted: Wed Aug 15, 2007 7:28 pm Post subject:

and I was jus gettin ready to order my spyker team jerzey Sad

_________________

I know it's so, for I told me so

Rory Phoulorie · Zorce Jedi Knight Joined: 26 Jan 2007 Posts: 1698

Despite being backmarkers, these independent teams somehow add some flavour to the F1 circus. It would be unfortunate for them to go. With some proper financing and Mike Gascgoyne as technical director, they could have moved up the grid.

Rory Phoulorie · Zorce Jedi Knight Joined: 26 Jan 2007 Posts: 1698

MG Man · Posted: Thu Aug 16, 2007 8:52 am Post subject:

man their cap is 30 euros Sad

_________________

I know it's so, for I told me so