Spyker has announced that negotiations to sell its F1 Team to the consortium of Vijay Mallya and Strongwind have resulted in an initial agreement.

Both parties entered into an exclusive 30 day negotiation period on the 31st August 2007 to negotiate the possible sale of the Spyker F1 Team to the consortium based upon an initial off of EUR 80 million. The recent negotiations have resulted in an agreed increased sale price of EUR 88 million.

For the sale to become final several (legal) conditions still need to be met and discussions continue on these points. The sale details will then need to be approved by the shareholders of Spyker Cars N.V. in an Extraordinary Shareholders' Meeting to be held on Saturday 29 September 2007. Announcement on specifics details of the agreement will be made in due course. 

Hans Hugenholtz, CEO ad interim, states: "We obviously regret having to sell the Spyker F1 Team, especially after the progress we showed at Spa and the promise of the revised B-Spec car. It has become increasingly clear that we could not continue to operate in both the world of Formula One as well as maintain the investments needed to grow and develop the road car division. Our first responsibility must always be to our investors, employees, dealers, suppliers and customers and it is therefore time foe for us to return to that core activity. We will now complete out search for a permanent CEO and CFO to implement our new strategy and build upon the global brand awareness that we have achieved until today."