Spyker say sale is not fully complete


Spyker couldn't afford F1

By Karl King
March 3 2008

In a press release issued by Spyker Cars N.V yesterday regarding the sale of its Formula 1 team, the company claim that they have not reached a 'full and final agreement' with Orange India, the Mallya/Mol headed consortium which purchased the team. Spyker cite 'a number of issues of relative minor financial importance' as being 'still outstanding'.

The accounts released show the true extent of the company's huge losses whilst trying to operate in F1 and the draining of resources that it placed on a relatively small manufacturer.

The team, of course, has been fully rebranded as Force India and the new owners have already begun to pump money into the team, hiring new drivers whilst removing the distinctive Spyker orange livery for something, arguably, less striking.

The team will make its first race appearance at Melbourne in two weekends time.

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Spyker say sale is not fully complete
Discussion started by Force India (IP Logged), 03/03/2008 19:38
Force India
Force India
03/03/2008 19:38
Spyker say sale is not fully complete

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Alianora La Canta
Alianora La Canta
03/03/2008 20:48
Just what we didn't need. This story is going to start rumours that Force India doesn't keep its word on contracts, or worse that it doesn't have the financial commitment necessary to make F1 work. Neither is good for the team, especially when I suspect either rumour would be false. We've seen with the Midland/Spyker sale that a "few loose ends" can hang a pall over a team for ages afterwards is not carefully managed

Please could the relevant people at Spyker and Force India get the remaining details of the sale, however minor, sorted out and paid for at the correct rate as soon as possible?

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outsidethebox
outsidethebox
03/03/2008 21:05
That isn't how business sales work. They often have clauses, creditors, debtors, etc. It will all be above board and done it the correct time.

There is no way that the kind of money that is being invested will have been done without 100% certainty of the team ownership.

Plus Spyker has had a history of creative accounting, and by their own admission went into the project a bit naively.

Time will tell, but I certainly wouldn't start over reacting.

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HugelyUK
HugelyUK
03/03/2008 22:32
well this is very interesting...

As a debtor of Spyker F1 Racing to the tune of over £1,000 I am hoping that this means I might get to see some of the money I am owed...

Sorry to sound so mercenary on this. I want the team to survive too, but am at the end of my tether on getting the team to honor their side of an agreement.

Hmm. I'll be watching this one carefully.

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Alianora La Canta
Alianora La Canta
04/03/2008 00:13
It's not so much a default or complications on the sale I'm worried about as the possibility of the press and paddock insiders believing that such things could happen. Spyker bleating about incomplete sales will surely not help matters. That Spyker has the aforementioned poor accounting history does not help matters of perception either.

Huw, hope you get your deserved monies soon. £1000 out of a £60.38 million budget should be a drop in the ocean...

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MESSAGES->author
IndyAndy
04/03/2008 05:18
Its enough to make one wonder whether Spyker is out to try & squeeze some more $ out of Mallya just to help with their other debts.(Sm56)

http://i38.photobucket.com/albums/e114/IndyAndy/sig_.jpg



Edited 1 time(s). Last edit at 2008:03:04:18:43:12 by IndyAndy.

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gordons
gordons
04/03/2008 11:50
why are you worrying. mallya is a good businessman first of all. His vision is great. He has the money. He is no idiot. Spyker are the PAST. They had problems due to lack of Vision, lack of guts and lack of MONEY.

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MESSAGES->author
BelloniG3
06/03/2008 00:42
I believe that if this is true Mallya will take care of this ASAP because as a businessman he dont want bad publicity for is team.

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