Alex Shnaider sold the Midland Formula One Team to Spyker a year ago, but rumor is that he may play the part of the Repo Man and take it back, but only if he has to.
He has said he is prepared to buy the team back to solve it’s financial problems, and as a secured creditor who is owed money it could be his best way of securing his debt.
“I sold my interest in the team because I judged that it was in the best interests of all concerned, and I have no regrets about doing so,” Shnaider told f1.com. “That said, Midland is a secured creditor. We have rescued the team in the past and we are capable of doing it again, if necessary.”
Shnaider feel that the team should bring in a financial partner to help secure the team’s financial situation in the short term, claiming that he might even be prepared to take on that responsibility himself.
“Our first priority has always been to see the team passed to a safe pair of hands – an owner with a commercial brand to be promoted to the public, a person or company with the vision and resources to develop the potential within the team. I believe that Spyker or the Mol consortium will need to bring in a partner to achieve this, or alternatively, they will need to sell the team outright. I think our financial interest will be finally resolved, and I look forward to strolling the paddock with even more ease in the future. If we are forced to take the team back, then we will fund it in the short term while also looking for the kind of commercial partner I just described.”
It seems that life at the back of the Formula One grid is tough, no matter who you are. Without results it is difficult to raise the money needed to secure any teams future, and without the money it’s difficult to secure the results. It really does seem that if the costs of Formula One are not cut back the back few spots on the already reduced grid will get harder and harder to fill.