The Spyker team took another step closer to changing hands after shareholders of its parent company approved the acquisition bid from Vijay Mallya.

Spyker Cars NV issued a statement confirming that the sale - designed to off-load the loss-making F1 arm and sure up the road car company's finances - had been approved, but stopped short of revealing when, or whether, it would proceed.

"The shareholders gave a mandate to the management and supervisory board of Spyker Cars NV to finalise the negotiations with the consortium of Watson Ltd and Strongwind," the statement confirmed, "Both parties entered into an exclusive 30-day negotiation period on 31 August 2007 regarding the possible sale of the Spyker F1 team to the consortium, based upon an initial offer of E80million. As previously communicated, the subsequent negotiations have resulted in an increased offer of E88million. The exclusive negotiation period with the consortium ends at midnight on 30 September and minor (legal) conditions linked to this offer remain to be satisfied."

The communiqu? revealed that Spyker F1 expected to make a third quarter loss approaching E6 million.



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