In the convoluted corporate world that is Formula 1, the most sensible way for a new team to enter the fray is to buy the franchise of an existing team, and that's just what a Dutch consortium has been trying to do for the past year, with their most recent target being the struggling Midland (ex-Jordan) team.It now seems that the Dutch 'M-Consortium', led by Michiel Mol, owner of long-time F1 sponsor Lost Boys, has been joined in their bid by the Dutch supercar manufacturer Spyker, whose racing team, the Spyker Squadron, are active in endurance sports car racing. The consortium issued a press release, which says in part, "The outcome of the negotiations is still depending on a number of conditions and circumstances. In the event that such acquisition [of Midland] 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."
Spyker is 17 percent owned by the Abu Dhabi-based Mubadala Development Company, which also owns 5 percent of Ferrari and is building the Ferrari theme park in Abu Dhabi. A further 15 percent of the company is owned by the MerchantBridge venture capital group, which counts Sheikh Mohamed bin Abdallah Al-Khalifa, a member of the Bahrain royal family, among its shareholders.
Word is that the team will run Cosworth engines in 2007, but with 2008 rules allowing teams to buy chassis and engines from other teams, we could well see the team's Ferrari connection resulting in a transformation to a Ferrari 'B-team.'
[Source: GrandPrix.com]
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Reader Comments (Page 1 of 1)
Q-Tip @ Aug 28th 2006 4:02PM
I don't get it, why attach the name of one supercar company, which uses Audi engines and has its own model line that competes directly with Ferrari's 599 and 612, to an F1 team based on Ferrari or even Cosworth technology?
It sounds more like the same corporate parent that owns Spyker will also own an F1 team. I can't see the synergy in the association though, if I am impressed by Ferrari technology I'll buy a Ferrari not a Spyker.
2009 Ford Mustang @ Aug 28th 2006 4:32PM
Q-Tip: Well said, I don't understand why they would want to buy a team and run another manufacturers engine either. I guess it would get their name out, but it would also get Ferrari's name (a competitor) out at the same time. Maybe if Audi was in F1 it would make sense.
ZoomZoomin' @ Aug 30th 2006 2:17AM
The F1 Spyker Squadron...I like the sound of that. If you're going to be a backmarker, do it with style and grace.
Auto Parts Information @ Sep 22nd 2006 2:15AM
Spyker is famous for participating in various sporting events (the most remarkable was the 24 Hours of Le Mans early this year) so it is not surprising that they would also join in the F1. What better way to promote products than to be a major part of F1.