Spyker linked to F1 buy-out
29 August 2006

Dutch sports car maker Spyker has admitted that it is in talks to take over the Midland Formula One team.Midland has been for sale for several months but its owner, Russian-born Canadian Alex Shnaider, has stated that he is considering striking a deal with a Dutch consortium, led by internet businessman Michel Mol, for $128m (£67m). Spyker has since confirmed that it would join Mol's bid, and that it would consider selling shares to help fund the effort.

"At the appropriate time further announcements will be made," said a Spyker statement. "In any event the acquisition will be subject to Spyker Shareholds' and Supervisory Board approval."

Spyker was relaunched in 2000. It has yet to make a profit, but some industry experts believe that it will do so in 2009. It has entered its C8 cars at the Le Mans 24 Hours, but the company's management is said to favour Formula One as it tries to take on established names like Bugatti, Ferrari and Aston Martin.

For more details see our sister site autosport.com.

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