Just four races away from completing its first full season under the MF1 Racing banner, the Midland Group has announced that it has succeeded in selling the team to a Dutch consortium, a deal that will see the team become known as Spyker MF1 Racing.

Rumours of a deal have been rife for months, but a realistic bid only recently gathered pace when it was confirmed that internet entrepreneur Michiel Mol was likely to use his buyout of Spyker, a Dutch sportscar brand, to help fund his way into MF1, a move that effectively transforms the team into a manufacturer-backed outfit.

Despite failing to make a success of his team since he acquired Jordan Grand Prix ahead of the 2005 season, Alex Shnaider admits that selling MF1 Racing was a tough move for him.

"The decision to sell the team has been one of the most difficult I have ever faced," stated Midland Group Chairman Alex Shnaider. "It is never easy to relinquish something into which one has devoted so much energy and passion. However, as much as I had hoped to witness the continuing growth of the team under our ownership, I truly believe this transaction is in the best interests of everyone involved - Midland Group, Spyker, and the team.

"I am proud to be leaving the team in a much better state than it was when we acquired it 20 months ago. Not only is it more financially stable, it is also more competitive at the track, and getting stronger all the time. The creation of the 2007 car is well underway, as are major upgrades to the wind tunnel facility. Investment into the team's technical development has continued unabated throughout the season."

Having raced under the Russian banner for 2006, Spyker MF1 becomes fully Dutch in a move that is likely to delight the millions of fans hailing from the Netherlands, who regularly participate in promotional events held there.

"At the moment, Formula One is a much more mature and understood sport in Holland than it is in Russia," Shnaider continued, "I believe the new owners will be well placed to exploit the commercial and nationalistic aspects of a Dutch identity, and this is something that can only benefit the team.

"My partner, Eduard Shifrin, left the decision entirely up to me, since he knows how important it is for me to see the team not only survive, but succeed. With this in mind, the new owners have demonstrated their ambitious plans to take the team forward to the next phase of its rebuilding programme.

"Spyker, headed by Victor Muller and Michiel Mol, consists of a strong group of investors with the resources, planning and capacity to further develop the team. I am confident that under their leadership, the future of the team rests in good hands, and I would not have agreed to this sale under any other circumstances.

"Midland Group and I have been committed to the team's success from the moment we decided to take it on. We have always been, and will continue to be, Formula One fans, and we wish the sport, the team and its new owners the greatest success in the future."