The Midland Formula One team has been sold to Dutch sportscar manufacturer Spyker, it was confirmed late on Saturday in Monza. The deal, due to be finalized by the end of this month, will see the Silverstone-based squad renamed as Spyker MF1 Racing.
Colin Kolles is to stay on as team principal, with Dutch businessman Michiel Mol assuming the role of Director of Formula One Racing. They will be joined by former Toyota and Jordan technical director Mike Gascoyne, who will become Chief Technology Officer from the start of November.
Spyker are financing the acquisition, which values the team at US$106.6 million, through a combination of a new share issue and an interest-free loan from the Midland Group. Mol, who has been part of Formula One racing for many years as a sponsor, will be buying the majority of the new shares, joining the Spyker board in the process.
Spyker CEO Victor Muller commented: “Since we started the company in 2000 we have seen tremendous growth consistently year on year, basically doubling production every year. In order to maintain a strong growth path for a company with relatively limited means for marketing, the entry into the Formula One arena is an unparalleled way to both underline Spyker's commitment to racing and to benefit from a massive increase in brand awareness around the globe.
