Spyker has confirmed that it is to proceed with a refinancing package in order to fund a deferred payment for its acquisition of the Midland F1 team and provide working capital for both its grand prix and road car businesses.

Already established as a niche builder of sportscars, Spyker become the first Dutch company to run an F1 team, branching out from its Le Mans and GT involvement following the purchase of Midland from Alex Schnaider. The sale was reported to have cost around E84m, with Spyker agreeing to pay the sum over time.

According to autoindustry.co.uk, the company has now retained Booz Allen & Hamilton to draw up a future strategy document to support its borrowing requirements. Spyker insists that its short-term cash flow has been secured by an extended credit line from an unnamed bank, as well as a E7.5m loan from an existing shareholder.

In return, the company has offered the intellectual property rights to its road car line to the Friesland Bank as part its F1 funding arrangements, but insists, contrary to rumours, that this is 'common business practice', and will have no effect on either its production facility or the grand prix team.

Erstwhile CEO Victor Muller has stepped down from the position in order to focus on design and branding. Michiel Mol, until now director of racing at the F1 team, will assume the role in the interim.

"It has been such a privilege to lead the (re)creation of Spyker since Maarten de Bruijn and I founded the company on 1 January 2000," Muller said in a statement, "No-one could have anticipated then the exceptional growth that would materialise in the years to come.

"With the acquisition of the F1 team in September 2006, I also gained a business partner experienced in successfully building up large companies. At that point, Michiel and I started discussions on the possibilities for my succession. After more than seven years of very hard work, I felt it was time for me to lift the throttle a bit.

"With 450 employees worldwide, the company has now entered a phase where different management skills are required than those that were instrumental to create the company and build the brand until this point. Michiel Mol has those skills and I am proud to hand over the reins to such a competent and energetic partner. It allows me to do what I am best at - brand building."



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