Spyker completes sale of F1 team

Amsterdam, Oct 5: Struggling Dutch sports car maker Spyker Cars NV has reached a final agreement to sell its Formula One team to a consortium for 88 million euros, it said today.

''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,'' Spyker said, referring to a consortium which includes Indian businessman Vijay Mallya.

The sports car maker said it would now focus on finalising its strategic review and the related refinancing.

Spyker bought the Formula One team from Midland for 106.6 million dollars last year. The team made a 13 million euro loss in the first half of the year, lifting Spyker's overall loss to 29.9 million euros from 1.1 million in the year-ago period.

Spyker shares closed at 3.00 euros yesterday, a fraction of the 52-week high of 21.60 euros they touched on November 22, 2006.

Reuters>