Friday, 5th October 2007

Orange India Holdings joins list of owners of former Jordan team.

The Spyker F1 team has officially changed hands, following confirmation from Holland that the sale to Michiel Mol and Vijay Mallya has been approved.

A statement issued by parent company Spyker Cars NV in the early hours of Friday announced that an €88 million purchase price had been ratified by all parties, allowing the Mallya/Mol consortium, Orange India Holdings to become the team's fourth owner is as many years following spells under the stewardship of Eddie Jordan, Midland's Alex Shnaider and Spyker. Orange India Holdings is fronted by the combination of Watson Ltd and Strongwind, representing the new co-owners.

The purchase price takes into account a deferred portion of Spyker's fee to Midland of €27m as well as payments to other creditors - including, notably, Mol's Strongwind operation, which had made loans totalling €17.3m to the ailing team.

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Having offloaded its F1 arm, Spyker Cars will now return to the task of finalising its internal strategic review as it attempts to financially strengthen the company after a difficult year.

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