Tags: Formula-1, Spyker, Vijay Mallya

Spyker shareholders approve deal to sell F1 team to Vijay Mallya led Group

Spyker Cars NV has confirmed that their shareholders have now given their approval to the sale of their formula-1 team to a group led by Indian Liquor king Vijay Mallya.

The company had announced sometime back that they had decided to to sell its loss-making Formula One team to the group for around 88 million Euros.

A company statement stated: “The exclusive negotiation period with the consortium ends at midnight on Sept. 30 and minor legal conditions linked to this offer remain to be settled.”

Spyker further announced that they are currently scheduled to launch its Super Sports Utility Vehicle in the market. It said: “Our car business as such is viable and has a future, which was confirmed to us by outside consultants, provided that the financial means to invest in the development of the Long Wheelbase car with automatic gear box and the SSUV can be secured.”