Midland F1 – to be or not to be !

Posted: August 28, 2006 by Neeraj in Ferrari, Formula-One, Spyker MF1 Racing, Teams

Spyker MF1 RacingDuring race weekend at Turkey, the roumer-mills were working overtime on the possible Midland F1 sale. And as it turned out to be, the talks are going on ….

“The outcome of the negotiations is still depending on a number of conditions and circumstances,” the statement says. “In the event that such acquisition 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.”

Statement issued by Spyker Cars NV and the M-Consortium headed by Michiel Mol.

A little history lesson. Spyker dates back to 1880 when Jacobus and Hendrik-Jan Spijker set up a coach-building business. They built their first cars in 1898 and were involved in competition from an early stage. Spyker was revived again in 1999 by businessman Victor Muller, who had made money in shipping and fashion, set up a new Spyker with engineer Maarten de Bruijn. In November 2005 Abu Dhabi’s Mubadala Development Company acquired 17% of the firm and since then Spyker has expanded its range of models and its involvement in sport with the factory team, known as the Spyker Squadron entering two Spyker C8 Spyders in a programme of 10 endurance races.

Mubadala is a company that is interested in F1. Last year it bought a 5% shareholding in the Ferrari company and is in the process of building a Ferrari-themed leisure park in Abu Dhabi.

Courtsey grandprix.com

So if they indeed buy out Midland F1, we all can see who the engine supplier is going to be !!!

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