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Spyker: Sold subject to due diligence

Mol
By Bigpip
September 2 2007
According to internet rumour, Spyker F1 has been sold to an Indian Consortium for around $110 million. (Thats £55million in old money). Another name change for the team is therefore on the cards and this could be the third name change in as many years.

The offer for the team was accepted by the board of Spyker Cars N.V and the deal will proceed with due diligence, completed within 30 days.

While it was hoped by the fans (certainly me) that this would have only been a partial sale or investment in the team, it would appear that by the end of this years World Championship Series, the team will have a new set of owners and a new name.

The deal paves the way for the return of Narain Karthekeyan to a race seat for 2008 and possibly Karun Chandok.  It also opens up new ground for F1 Supremo Bernie Ecclestone giving more weight to a round of the World Championship taking place on the sub-continent in 2009.

With the recent introduction of the B-Spec car to race next weekend at Monza, we hope that the teams position can be further boosted by a championship point by the end of the season.

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2 Sep, 2007 10:11 Report
Spyker F1 (IP Logged)
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Spyker: Sold subject to due diligence
Spyker: Sold subject to due diligence

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2 Sep, 2007 11:05 Report
Total mf1 (IP Logged)
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Re: Spyker: Sold subject to due diligence
Hey bigpip..

Thanks for an update....

Could i just remind you i would lyk a email reply within tis month

Thanks

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2 Sep, 2007 11:35 Report
G3ko (IP Logged)
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Re: Spyker: Sold subject to due diligence
Im affraid that if this team once more re-brands itself, I shall withdraw my support for the team, I cant keep watching the team that has a solid basis to move forward to be erased once more.

By the sounds of it somewhere in the team name it will mention India, which is great for India but not so great for everyone else. How many teams out their do you see plastering England or any other countries name on it. I could be wrong about the name but its a good guess.

This would also mean that the talented Sutil would be out of a job next year as I guess a possible all indian line up could occur. Again I could be wrong but it seems a good guess.

If this were to happen I couldnt really see the team moving forward too much as it would start the learning process all over again.

I do understand why they sold out, but Im tired of hearing false statements saying yes we are only selling a large stake in the team and spyker will be about next year, when this at the moment doesnt seem to be the case, it looks like the whole team has been sold for another re-branding exercise.

http://img.photobucket.com/albums/v296/j0rdan_f1/sigbmw2.jpg
R.I.P Spyker sad smiley



Edited 1 time(s). Last edit at 2007:09:02:11:37:21 by j0rdanf1.

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2 Sep, 2007 12:01 Report
Gunman (IP Logged)
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Re: Spyker: Sold subject to due diligence
Bitten_Hamsters Wrote:
-------------------------------------------------------
> This would also mean that the talented Sutil would
> be out of a job next year as I guess a possible
> all indian line up could occur. Again I could be
> wrong but it seems a good guess.
>

Last year, everyone said Spyker would put an all dutch line-up and that didn't happen.

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2 Sep, 2007 12:47 Report
G3ko (IP Logged)
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Re: Spyker: Sold subject to due diligence
Thats very true, however, the current situation with a possible Indian GP it would make very good business sense to push for 2 Indian drivers. As India has a huge market potential. Afterall it seems the whole reason why he has invested in the team.

Vijay Mallya seems a excellent business man and Im sure the team will be very grateful of his backing.

Both the possible Indian drivers Karun Chandhok & Narain Karthikeyan are both in the right environment to make the push to being full time F1 drivers.

Though I do understand that this may well not happen if Mol pushes the point on keeping Sutil.

http://img.photobucket.com/albums/v296/j0rdan_f1/sigbmw2.jpg
R.I.P Spyker sad smiley

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2 Sep, 2007 12:51 Report
Michiel (IP Logged)
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Re: Spyker: Sold subject to due diligence
"Team India" I'm sorry but I can not support suh a teamname for I am not Indian. As simple as that. I expect them to hire NK, a nice driver, but no more than that. Not F1 Worthy.

Spyker has screwed up, that's for sure. I believed the dream that turned out to be false, and with the ending of a nightmare I have woken up. M.Mol has turned his back on Spyker, something I had hoped would never happen. People like MG and Mark Smith want to work for a team that takes things seriously and not somebody's Toy to root for his own country. No good driver will want to race next to Narain Karthikeyan in Team Idia. The team will probably get more money, but it'll lose the fighting spirit it got back with Spyker after the Midland Debacle....

My F1 heart dies with Spyker. I can only hope it'll be revieved one day, when a privateer or an old Racebrand comes back into play..

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2 Sep, 2007 13:06 Report
G3ko (IP Logged)
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Re: Spyker: Sold subject to due diligence
Michiel Wrote:
-------------------------------------------------------

> My F1 heart dies with Spyker. I can only hope
> it'll be revieved one day, when a privateer or an
> old Racebrand comes back into play..
------

Thats my thoughts, Im looking forward to Prodrive F1 myself, even if they are buying their chasis for the first season.

Maybe Aston Martin F1, depends on his grand plan - though i like the sound of it (Sm15)

http://img.photobucket.com/albums/v296/j0rdan_f1/sigbmw2.jpg
R.I.P Spyker sad smiley

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2 Sep, 2007 14:21 Report
jordan1000 (IP Logged)
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Re: Spyker: Sold subject to due diligence
I agree with J0rdanF1 and Michiel, I believed that Spyker would actually be in it for the long one, and I don't think that I am prepared to support yet another re branded team!

Lol, here are the teams I supported over the years:

2002: Arrows, went bust!
2003-04: Jordan- Sold
2005-06: Midland- Sold
2006-07: Spyker- Sold?
2008 -??: Who knows!?

http://www.maj.com/gallery/Lord-of-Pies/Logos/jordanf100408-1.jpg

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2 Sep, 2007 14:34 Report
Alianora La Canta (IP Logged)
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Re: Spyker: Sold subject to due diligence
It is probably worth pointing out that there are two businessmen in the consortium, which has been provisionally named "Orange India". While Vijay Mallya would undoubtedly be pleased if he could get an all-Indian line-up, I can't see Michiel Mol (the other party in the consortium) standing for it - especially since talented countryman Adrian Sutil is very likely to be available!

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2 Sep, 2007 16:41 Report
lint (IP Logged)
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Re: Spyker: Sold subject to due diligence
as Mol is part of the consortium and he's still related to spyker cars its very likely that he keeps his promise of keeping the spyker name on if he would buy the team.

it will never be Team India as it doesnt have ANY dutch influence in it while Mol is putting money in it.

I'm expecting something along the lines of Spyker India or Kingfisher Spyker or any other product from the indian guy as title sponsor.

Also, a namechange must be OK'd by the rest of the field which could be a pain as they probably arent too fond of yet another namechange.

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2 Sep, 2007 16:57 Report
perer (IP Logged)
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Re: Spyker: Sold subject to due diligence
Well Spyker and especially Mol were in it for the long run. But Mol should never have made that mistake of letting Spyker join the whole idea. Because He trusted Mullers talks of how healthy Spyker was. So actually Mol the man behind Spyker F1 is going to continue with this team. Only now he has a partner for a lot of extra cash, which gives him a better chance of survival.

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3 Sep, 2007 08:07 Report
L-G (IP Logged)
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Re: Spyker: Sold subject to due diligence
Hmm, I had to take a while to let this news settle in. The main point is: I'm disappointed! Sorry, there is no other way I can put it.

Jordan was great because of its non-corporate image and the fact that EJ was just a real character. Midland couldn't win my heart but it deserves credits for saving the Jordan team. When Spyker took over I was excited. Spyker might be a manufacturer but it is very different from the 'real' manufactures (in both the positive and negative way) but I liked the idea of a whacky sportscar maker going into F1 with a small but well-running team. The liveries were great, signing Sutil, Gascoyne, Ferrari and a host of sponsors was a sign of positive change. The B-spec looks promising and I had a team to cheer for.

I'll continue to support the next incarnation but I'm a little reserved. It depends on the way the team will develop. If it's a new Midland, I'm gone. If they can keep the Spyker charm (regardless of the brand), I'm in.

BTW: I don't think it will turn Team India. There already is one and those of you who have followed A1GP will know that such a brand doesn't attract Indian funds. Moreover, I think that Mol knows that a team needs an international image. I'm happy that Spyker didn't play the Dutch card often - the car still showed the British flag and they fired the driver that was popular in Holland.

@ Jordan1000: I know that feeling. I also supported Tyrrell...

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3 Sep, 2007 15:47 Report
HugelyUK (IP Logged)
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Re: Spyker: Sold subject to due diligence
2002: Arrows, went bust!
2003-04: Jordan- Sold
2005-06: Midland- Sold
2006-07: Spyker- Sold?
2008 -??: Who knows!?

That's very spooky - that is identical to my list...

I too am disappointed. How can this team hope to attract any talented staff if the owners change every 12 months or so. Doesn't do much for ones faith in their employer does it?

Like many others I am also a supplier to the team who is still waiting for payment on services delivered in January, and doubtless like many others I have written to the team today demanding immediate settlement on all outstanding payments within the next 10 days. I cannot be alone in wondering whether my attempts to extract monies owed are suddenly going to get a whole lot harder yawning smiley(

Despite not having much time for this site, my support for the team has remained. I have to admit to a feeling deja vu with this news, a kind of "here we go again". I am disappointed in Spyker - I was at the team Christmas do (in an official capacity) and heard Michiel's words to the team about Spyker being in the sport for the long haul and that they wanted to succeed in the sport - such a shame 9 months later that it has now come to this.

Huw

Huw Alban - ex-Publisher/Story Producer/Editor/Photographer - AllAboutArrows, TotallyToyotaF1, MidlandF1Online, and SpykerF1FansOnline.

Proud to have made a contribution to Rivals.net and SportNetwork



Edited 1 time(s). Last edit at 2007:09:03:15:53:27 by HugelyUK.

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3 Sep, 2007 16:39 Report
perer (IP Logged)
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Re: Spyker: Sold subject to due diligence
Well Michiel is in it of the long haul that's why he bought the team from Spyker. Because he knew that would save/help the team.

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3 Sep, 2007 17:51 Report
Bigpip (IP Logged)
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Re: Spyker: Sold subject to due diligence
Just thinking... The only people that seem to have been quite on the whole subject is SPYKER F1 LTD.

I have looked through NewsNow and other sites but there's no official comment from the team themselves. The latest press release is about the next Grand Prix and the B-Spec car.

Anyway, I've fired off an e-mail to the team and let's see what they come back with.

Darwin was right!
Jordan > Midland > Spyker > Force India

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3 Sep, 2007 18:29 Report
Alianora La Canta (IP Logged)
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Re: Spyker: Sold subject to due diligence
There appears to be some news from the team itself - Adrian Sutil will be at Spyker next year and Ralf Schumacher definitely won't (but then who would seriously have suggested him anyway?!?) It's just the second driver left to be decided.

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3 Sep, 2007 19:10 Report
HugelyUK (IP Logged)
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Re: Spyker: Sold subject to due diligence
Fair point Mr G - hadn't seen that one. Interesting about Sutil though. Looks as if there are plans to see this team racing (whatever it will be called) in the 2008 season. One wonders for how much longer to be honest.

Huw

Huw Alban - ex-Publisher/Story Producer/Editor/Photographer - AllAboutArrows, TotallyToyotaF1, MidlandF1Online, and SpykerF1FansOnline.

Proud to have made a contribution to Rivals.net and SportNetwork

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3 Sep, 2007 20:06 Report
lint (IP Logged)
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Re: Spyker: Sold subject to due diligence
I think that spyker wasnt too off the ball by saying they got damaged pretty bad by the dutch press. They gave them a really hard time and that didnt help their stock.
Surely its not up to the press completely but if the press stoot behind them things could have gone differently.

Also, Mol will be 50% owner and the indian guy as well so Team India will definitly not be the new name. Which IMHO would be a joke.
I stick to my prediction. Spyker India or something along those lines. Best for both parties. Indian connection and Mol can continue to promote the spyker brand.

Surely Spyker has a bad rep. now but another name-change wouldnt change much to that rep. People still talk about the team previously known as Jordan and Midland so another namechange would just add a new name to the list.

If the indian guy really wants to invest they should stick to the name and make their track record speak for itself.

If the new car gets evolved more for next season and show good proces the bad rep will be gone. Look at Super Aguri. Who's laughing at them now?

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3 Sep, 2007 20:10 Report
Bigpip (IP Logged)
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Re: Spyker: Sold subject to due diligence
I don't think they could use spyker in the title of the team unless they do a Jordan-Midland job for the rest of the season.

Perhaps there will be a Indian aspect to the name but I don't think that the name Spyker will be associated with the team. Remember the word is that it's a complete sale. The new owners will want their own branding on it.

Darwin was right!
Jordan > Midland > Spyker > Force India

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3 Sep, 2007 21:06 Report
Urgentemente (IP Logged)
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Re: Spyker: Sold subject to due diligence
Spyker Stormwind / Stormwind Spyker sounds nice and racey smiling smiley

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4 Sep, 2007 11:21 Report
lint (IP Logged)
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Re: Spyker: Sold subject to due diligence
Mol still has shares in Spyker so it benefits his shares to keep the spyker name winking smiley

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4 Sep, 2007 15:53 Report
perer (IP Logged)
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Re: Spyker: Sold subject to due diligence
yup that's what I thought, and it could perhaps be able to restore the image of Spyker. In other words, if the Spyker shares go up again because of positive results in F1 Mol wil indeed benefit.

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21 Sep, 2007 09:56 Report
Alianora La Canta (IP Logged)
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Re: Spyker: Sold subject to due diligence
Confirmation has arrived at pitpass.com that Spyker have been sold to Vijay Mallya's consortium for €88m. Sounds like a reasonable arrangement to allow the F1 team and the car company to thrive. Good luck to Mallya and Mol, and thank you Spyker for looking after the team formerly known as Jordan and Midland for a year.

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29 Sep, 2007 14:01 Report
perer (IP Logged)
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Re: Spyker: Sold subject to due diligence
It's official Spyker F1 is sold to Mold and Mallya
The Dutch media reported it, unfortunately I can't find a English source. But I'm sure it'll pop up on newsnow.
[www.newsnow.co.uk]

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29 Sep, 2007 15:24 Report
L-G (IP Logged)
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Re: Spyker: Sold subject to due diligence
WEll, not exactly. Spyker F1 is still not sold but Spyker's shareholders have agreed with the proposed sale to Mol and Mallya. However, the Bank of Friesland might not agree at all, which could hamper the sale. So, no sale yet!

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29 Sep, 2007 18:43 Report
Gunman (IP Logged)
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Re: Spyker: Sold subject to due diligence
You mods better start working on a new site (Sm122)

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30 Sep, 2007 07:16 Report
Alianora La Canta (IP Logged)
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Re: Spyker: Sold subject to due diligence
I think we'd better wait until the team confirm the new name. Reserving URLs is expensive...

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30 Sep, 2007 18:15 Report
Bigpip (IP Logged)
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Re: Spyker: Sold subject to due diligence
Tell me about it!

Darwin was right!
Jordan > Midland > Spyker > Force India

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30 Sep, 2007 19:10 Report
perer (IP Logged)
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Re: Spyker: Sold subject to due diligence
Well I guess there may be some on this board that could be willing to help out if it's too much of a hasle doing it all over again for the third time....

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30 Sep, 2007 19:18 Report
Bigpip (IP Logged)
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Re: Spyker: Sold subject to due diligence
The problem is finding a url that hasn't already been registered.

As soon as we know what the new owners will call the team I can look to get a new URL registered.

Darwin was right!
Jordan > Midland > Spyker > Force India

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