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The Midland Formula One team is no more. The Dutch supercar manufacturer wrapped up negotiations for the team late Saturday in Monza and the newly acquired squad will now be known as Spyker MF1.

As reported late last month, the Midland team had been in distress for some time and the sale to Spyker comes as no surprise as the automaker sought to expand its motorsports cache beyond the endurance events it currently participates in. The group will retain its team principle, Colin Kolles, however, Michiel Mol (yes, Michiel, not Michael) will fill the position of Director of F1 Racing and Mike Gascoyne will take over as Chief Technology Officer.

What's it cost to buy an ailing Formula One team? In this case, Midland handed over the keys for US$106.6 million, which will be broken up into three payments over the next year, with no interest being accrued.

Engine selection is the next major decision for the team, as their current supplier, Toyota, has already penned a deal with Williams for next year and their contract with Midland is set to expire at the end of the 2007 season. Rumors are being circulated that Ferrari may come in with the required V8, although if Spyker would begin to use the Italian's engines in their production vehicles, say, in their D12 Peking-to-Paris luxury 'ute, the prancing horse may be able to cut them a deal. We can only hope.

[Sources: Grandprix.com and Formula1.com]

The full press release can be found after the jump.

Continue reading Midland F1 team sold to Spyker

Midland F1 team sold to Spyker originally appeared on Autoblog on Sun, 10 Sep 2006 10:03:00 EST. Please see our terms for use of feeds.

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