Spyker considers selling F1 team
Discussion
No surprise really, small sports car maker enters F1, under performs (not difficult really) and sells it's name for a loan you know this wasn't too far away.
I have no idea why they entered in the first place unless it was just for the sport because I couldn't see them selling cars off the back of it.
I have no idea why they entered in the first place unless it was just for the sport because I couldn't see them selling cars off the back of it.
Autosport said:
Dutch sports car maker Spyker Cars NV might sell some or all of its Formula One team as part of a refinancing plan and strategic review, Spyker said on Tuesday.
Spyker said in a statement that negative publicity on its credit worthiness and survivability had forced it to get additional funds to secure its short term liquidity position and to continue investments.
"Of the various refinancing scenarios being considered, the (partial) sale of the Spyker Formula One Team is one possibility," said Spyker, adding that it was reviewing a number of unsolicited received offers for the team or parts of it.
Spyker's current interim chief executive and director of the Spyker Formula One team, Michiel Mol, is also considering buying the racing team and he would step down as CEO and director to prevent a conflict of interest, Spyker said.
The vice-chairman of its supervisory board, Hans Hugenholtz, will temporarily take on the role of CEO until a successor for Mol was found.
The company, founded in 2000, said it expected to make a loss in 2007 and added its Formula One team would be not be "cash neutral" due to higher than expected costs and lower than expected revenues from television rights and sponsors.
Spyker, which bought a Formula One team last September, said its short term liquidity position was tight and its shareholder Strongwind of Luxembourg had supported Spyker with an additional 2 million euros ($2.72 million) loan.
The car maker said it expected its refinancing operation to be completed by the end of the third quarter this year. Last month it said delisting was a possibility.
Spyker said in a statement that negative publicity on its credit worthiness and survivability had forced it to get additional funds to secure its short term liquidity position and to continue investments.
"Of the various refinancing scenarios being considered, the (partial) sale of the Spyker Formula One Team is one possibility," said Spyker, adding that it was reviewing a number of unsolicited received offers for the team or parts of it.
Spyker's current interim chief executive and director of the Spyker Formula One team, Michiel Mol, is also considering buying the racing team and he would step down as CEO and director to prevent a conflict of interest, Spyker said.
The vice-chairman of its supervisory board, Hans Hugenholtz, will temporarily take on the role of CEO until a successor for Mol was found.
The company, founded in 2000, said it expected to make a loss in 2007 and added its Formula One team would be not be "cash neutral" due to higher than expected costs and lower than expected revenues from television rights and sponsors.
Spyker, which bought a Formula One team last September, said its short term liquidity position was tight and its shareholder Strongwind of Luxembourg had supported Spyker with an additional 2 million euros ($2.72 million) loan.
The car maker said it expected its refinancing operation to be completed by the end of the third quarter this year. Last month it said delisting was a possibility.
As you say, it was a daft thing to do in the first place. I like Spyker and admire their eccentricities. They're always next to us in the scrutineering queue in LMS and even their top company people always wander over for a chat and to chew the fat about anything and everything.
I hope they get rid of the F1 team pronto and release some cash to help the road car side.
I hope they get rid of the F1 team pronto and release some cash to help the road car side.
Let's be honest, it was never going to work was it. Get rid of the team and let a proper organisation have the chance of entering.
I just fell sorry for the guys at Silverstone who've seen their dreams fall apart. Jordan once showed signs of hope but it all started to go a little pear-shaped after a few years and it has never clawed back.
I just fell sorry for the guys at Silverstone who've seen their dreams fall apart. Jordan once showed signs of hope but it all started to go a little pear-shaped after a few years and it has never clawed back.
ewenm said:
In a few years time will we be saying the same about ProDrive?
I don't think so because the rules change next year allowing teams to run customer chassis, reducing costs and R&D time developing their own. New teams may be at the back of the grid but they won't be seconds off the back but much closer, even occasionally mid-pack and I expect the bottom 4 or 5 teams to be very mixed up at every race. Prodrive seem odds on to be racing this years McLaren/Mercedes next year and you know what last years Honda as been like against this years 
Ok, the McLaren might not be exactly the same as this years car, but all the major bits might be the same.
Eric Mc said:
No room for small outfits in F1 anymore - which is a major pity.
Sounds similar to the Lola debacle of 1994.
Except Lola were pretty much forced to enter a year earlier than they wanted due to sponsor pressure... the very same sponsor that pulled the plug after seeing the dire performance of the car at the start of the season.Sounds similar to the Lola debacle of 1994.
egomeister said:
Except Lola were pretty much forced to enter a year earlier than they wanted due to sponsor pressure... the very same sponsor that pulled the plug after seeing the dire performance of the car at the start of the season.
There's one of those "Priceless" Mastercard jokes in their somewhere.Gassing Station | General Motorsport | Top of Page | What's New | My Stuff