Spyker Cars has announced that the partial sale of the Spyker Formula One team is one move being considered as part of a refinancing operation expected to be completed later this year.

The Dutch car company, which also runs a GT2 sportscar team, purchased the Midland Formula One team in September last year. However, the resultant growth of the company led to strains on operational cash flow earlier this year with a statement issued by the manufacturer stating that the 'short term liquidity of the company' was now tight and that shareholder Strongwind of Luxembourg had supported Spyker with a loan of two millions Euros so far.

Expecting to make a loss this year, and with the Formula One team not going to be 'cash neutral' as previously stated due to higher than expected spending on improving the current F8-VII, Spyker is now considering the possibility of selling off some or all of its F1 team as part of a wider refinancing place - with the possibility that interim CEO Michiel Mol could purchase the team himself.

Mol has stepped down from his role as a result, due to a possible conflict of interests while discussions take place regarding a possible sale.

"Continued press speculation as to the outcome of the strategic review has induced a number of third parties to make unsolicited offers, including several for the (partial) acquisition of the Spyker Formula 1 team," the statement issued by Spyker read. "Management will begin active consideration of these offers forthwith. Current interim CEO of Spyker Cars N.V and director of Spyker Formula One, Michiel Mol, is also considering tabling a formal offer.

"Due to the possibility of conflicting interests, Spyker management and the supervisory board on one hand, and Mr Mol on the other, agreed that Mr Mol will permanently relinquish the role of CEO and temporarily stand down from the position of director of Formula One during the ongoing discussions with all parties concerned.

"The position of CEO will be taken up by Hans Hugenholtz, while the position of director of Formula One will remain vacant while discussions on the possible (partial) sale of the team are ongoing. Mr Mol will continue to travel with and support the management of Spyker F1 but will not be involved in strategic or financial decisions during this period. As a consequence, Colin Kolles, managing director and team principal of the Spyker Formula One team will report directly to Mr Hugenholtz.

"Of the various refinancing scenarios being considered, the (partial) sale of the spyker Formula One team is but one possibility. Due to the ongoing nature of the review process, it is too early for Spyker Cars N.V to anticipate or speculate on the possible outcome."

Spyker is due to reveal its half-yearly financial results at the end of the month.



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