Spyker sold
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From: West Henrietta UPSTATE NY
Spyker sold
So, who are these buyers and will we have one less team next year or what???
Spyker agrees to sell F1 team for 88 mln euros
Thu Sep 20, 2007 10:00pm IST
AMSTERDAM (Reuters) - Spyker Cars NV is to sell its loss-making Formula One team to a group which includes businessman Vijay Mallya for 88 million euros ($123 million), the Dutch sports car maker said on Thursday.
"With the sale of the Formula One Team now agreed in principle ... Spyker Cars N.V. will return to the task of finalizing the internal strategic review and associated refinancing which has been ongoing since May," Spyker said in a statement.
On Sept. 1, Spyker's director of Formula One, Michiel Mol, said he had teamed up with Mallya to make an 80 million-euro bid for the team. The offer was made through Strongwind, the investment arm of the Mol family, and Watson Limited, which is owned by Mallya.
Mallya is chairman and controlling shareholder of the UB Group, which has beer, spirits and airlines operations in India.
Spyker shareholders will vote on the sale on Sept. 29.
Spyker bought the Formula One team from Midland for $106.6 million last year. The team had 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, which makes two-seaters that retail from around 250,000 euros, has forecast a loss this year. It is seeking a permanent chief executive and chief financial officer. Its shares ended 13 percent up at 3.50 euros on Thursday.
http://in.reuters.com/article/topNews/idIN...070920?rpc=401&
Thu Sep 20, 2007 10:00pm IST
AMSTERDAM (Reuters) - Spyker Cars NV is to sell its loss-making Formula One team to a group which includes businessman Vijay Mallya for 88 million euros ($123 million), the Dutch sports car maker said on Thursday.
"With the sale of the Formula One Team now agreed in principle ... Spyker Cars N.V. will return to the task of finalizing the internal strategic review and associated refinancing which has been ongoing since May," Spyker said in a statement.
On Sept. 1, Spyker's director of Formula One, Michiel Mol, said he had teamed up with Mallya to make an 80 million-euro bid for the team. The offer was made through Strongwind, the investment arm of the Mol family, and Watson Limited, which is owned by Mallya.
Mallya is chairman and controlling shareholder of the UB Group, which has beer, spirits and airlines operations in India.
Spyker shareholders will vote on the sale on Sept. 29.
Spyker bought the Formula One team from Midland for $106.6 million last year. The team had 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, which makes two-seaters that retail from around 250,000 euros, has forecast a loss this year. It is seeking a permanent chief executive and chief financial officer. Its shares ended 13 percent up at 3.50 euros on Thursday.
http://in.reuters.com/article/topNews/idIN...070920?rpc=401&
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From: Covington WA, USA
Spyker (the car company) probably got what they wanted out of this -- some very expensive name recognition. It's not like Spyker actually designed the cars or anything. They really just bought the naming rights to the team for a year.
Kind of amusing that dropping back out of F1 shot their shares up by 13%. The financial world knows F1 is just a money drain for everybody involved (except Bernie).
Kind of amusing that dropping back out of F1 shot their shares up by 13%. The financial world knows F1 is just a money drain for everybody involved (except Bernie).
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From: N. Tx.
This is the guy who bought it. He owns an airline co, beer co, and whiskey co.LINK
I think it is a complete waste. You can't go 45 MPH in most places in India. So I don't see the logic of a F1 sponsership. But, India is trying to get a F1 track so I guess it makes some business sense. Besides it is another way for Bernie to make more money. I can't stand that punk!
I think it is a complete waste. You can't go 45 MPH in most places in India. So I don't see the logic of a F1 sponsership. But, India is trying to get a F1 track so I guess it makes some business sense. Besides it is another way for Bernie to make more money. I can't stand that punk!
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From: West Henrietta UPSTATE NY
Originally Posted by MDXLuvr,Sep 20 2007, 10:23 PM
India is trying to get a F1 track so I guess it makes some business sense. Besides it is another way for Bernie to make more money. I can't stand that punk!
Bernie wanted 20 mil plus half the gross to do a US GP at Indy again. Tony said no way can I do 20 mil with half of it due up front. Keep in mind that is money from a business.
Bernie made it very clear he was doing Tony such a big favor, because he has on the table an offer of 35 mil to race in India. Keep in mind that is money from the Indian government.
I can't stand Bernie, but in my book calling him a punk is going too soft...
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