Spyker to buy Midland F1

[Nick Koan]

Looks like that Dutch consortium (headed by Lost Boys' founder Michiel Mol) that was looking to buy the Midland F1 team has a significant partner in the form of the Spyker auto company. Spyker is a company that has a long heritage of making cars, but took a long break and only returned a few years ago.

Here is their return, the Spyker C8 as presented by Top Gear.

http://www.youtube.com/watch?v=c4j_GsuWHcc

Anyway, the news article...

http://www.f1racing.net/en/news.php?newsID=128394

A lot has been said this weekend about the sale of MF1 Racing. A group of Dutch investors have been talking with Midland owner Mr. Alex Shnaider for a couple of months and it has been said Dutch car brand Spyker would also be involved. In a statement Spyker admitted its involvement today.

The Spyker statement read: In reaction to various rumors in the press, Spyker Cars N.V. and the M-Consortium headed by Michiel Mol make the following statement.

Spyker Cars NV and the M-Consortium confirm that currently negotiations are taking place with the owner of Midland F1 with respect to a possible acquisition by Spyker of the Midland F1 team. The outcome of the negotiations is still depending on a number of conditions and circumstances. In the event that such acquisition would materialize, Spyker will consider a share issue to (partially) finance the transaction. M-Consortium has expressed its willingness to subscribe to this issue for a large part.

At the appropriate time further announcements will be made. In any event the acquisition will be subject to Spyker Shareholders' and Supervisory Board approval.

[sperry]

Considering Spyker's legitimacy as a premium car manufacturer has been so greately diluted by their 70 year hiatus from building cars (1927-199, owning an F1 team would be a great business decision for them. I just don't know how Spyker has the money to buy Midland... they've never really had a big hit of a car since they came back (in name only as it were) in 1999.

[Nick Koan]

Spyker is also doing the Le Mans series (European, not ALMS) as well as 24 Hours of Le Mans and 12 Hours of Sebring and a few FIA GT races. They seem to be, at the very least, interested in coming back into racing.

I don't know if buying an F1 team will help, or hinder their endurance and sports car racing. My guess, unfortunately, is that it would pull resources away from their sports car racing; at least in part, if not in whole.

[Nick Koan]

Confirmed.

http://www.f1racing.net/en/news.php?newsID=129486

As reported exclusively earlier this week by F1Racing.net, MF1Racing has officially been sold to Spyker. In a delayed press release issued late on Saturday evening, Midland confirmed the deal. In2007 the team will be renamed Spyker MF1Racing. The Dutchman Michiel Mol made the deal possible and his consortium has acquired all the team's shares. The other good news is that Mike Gascoyne will join the team as the new Chief Technology Officer.



"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."



Victor muller, CEO of Spyker Cars and Spyker MF1 Racing commented: "Since we started the company in 2000 we have seen tremendous growth consistently year on year, basically doubling production every year. In order to maintain a strong growth path for a company with relatively limited means for marketing, the entry into the Formula One arena is an unparalleled way to both underline Spyker's commitment to racing and to benefit from a massive increase in brand awareness around the globe. It is my strong conviction that Formula One racing transmits values which are entirely in line with our brand values: heritage (as early as 1903 Spyker built the famous six cylinder four wheel drive 60HP Grand Prix racer), design, craftsmanship, performance and exclusivity. Moreover we expect that the Spyker road cars will seriously benefit from the F1 technology that we now have in-house. I am so proud of our team that worked around the clock to make this deal happen. It proves that the logo introduced in 1914 'nulla tenaci invia est via' still holds true today: for the tenacious no road is impassible. We welcome with open arms our new partner Michiel Mol who will join me on the Management Board of Spyker and Spyker MF1. His passion and business sense have paved the way for this transaction. He will make a major contribution to the overall success of both Spyker and Spyker MF1."

Michiel Mol, future Director of Formula One Racing of Spyker and Spyker MF1 Racing said: "Today my lifelong ambition became reality. After being involved with Formula One as a sponsor of teams and drivers for almost 10 years I will now participate as a shareholder in a very ambitious manufacturer owned Formula One Team. Formula One has developed as a challenging platform for building global brands. The new regulations will make this high-profile sport even more attractive. I will definitely use all my skills and experience in digital media to make the team one of the most dynamic and appealing for fans and sponsors. The Spyker brand values fit perfectly with F1 and my vision. I look forward to working together with Victor Muller. What he achieved by reintroducing the most famous Dutch car manufacturer brand is impressive. F1 will help to make Spyker even more credible and successful. However, we are not in F1 to be in F1. We are in F1 to win. I would like to thank Alex Shnaider and Midland Group for doing such a good job to improve the team and giving us a solid platform from which to launch our program. Without their efforts, none of this would be possible. Mike Gascoyne joining us is a milestone and the ultimate proof of our ambitions. Together with Colin Kolles he will be able to build a winning team. Hopefully it will not take too long before we hear the Dutch anthem in Formula One for the first time ever. I have a new challenge and nothing is impossible."



Colin Kolles, Team Principal of Spyker MF1 Racing: "I am happy that the deal has gone through. The acquisition by Spyker as a sportscar manufacturer is the next step toward helping the team improve its results. The fact that we have also been able to secure the services of Mike Gascoyne, who will work in collaboration with James Key, clearly demonstrates the team`s ongoing commitment to the strongest possible technical direction. I would like to take this opportunity to thank Alex Shnaider for his continuing support. Had Midland not stepped in and rescued the Jordan team in February 2005, we would not be in a position to announce this deal today. His investments and commitment to improving the team`s performance have enabled us to push forward, and for that, we are all extremely grateful."

[skimonkey30]

they hired Gascoyne?

well Spyker better be ready to throw a ton of money down the drain for a 15-21st place car

[Nick Koan]

Yeah. Gascoyne was most recently fired from Toyota, right?

Anyway, I wonder what will happen with this team. I hope they can turn it around for some top 10 finishes, but who knows if that'll be possible next year or not.

[skimonkey30]

Originally Posted by nKoan

Yeah. Gascoyne was most recently fired from Toyota, right?

Anyway, I wonder what will happen with this team. I hope they can turn it around for some top 10 finishes, but who knows if that'll be possible next year or not.

Yep where he had the biggest budget in F1 and helped produce a car that cant even get close to a podium in most races unless lightning strikes half the field

I dont think they will be in the top 10 till possibly 08 when the new rules kick in