The Mol Family and Vijay Mallya have formed a consortium that has made an offer to the Board of Spyker Cars N.V. to acquire 100% of the Spyker Formula One Team they confirmed.
Click hereThis offer has been accepted by the Board of Spyker Cars N.V. and exclusivity has been granted to the consortium Orange India Holdings Sarl to proceed with due diligence, binding agreements and such other formalities that are necessary to achieve completion within 30 days.
Michiel Mol stated: “I have been a keen investor in Spyker and fully supported the acquisition of the Formula One Team from the Midland Group. I am very happy to partner Vijay Mallya in this exciting new venture. India has a booming economy and is a country with great opportunity. With this step we continue the involvement of The Netherlands in Formula One. I am looking forward to make this a competitive Indian Dutch combination. With the resources Vijay Mallya brings together with his Indian counterparts, I am confident that the Formula One Team has a very bright future”.
Commenting upon the transaction, Vijay Mallya said “I am delighted to partner the Mol Family in the acquisition of the Spyker Formula One Team. India is a country with great opportunity and I hope to see a Formula One race being staged in India in the next 2 years. Quite apart from research and development resources available in India, Indian companies are going global and would leverage the Formula One platform to gain international exposure. It will be my endeavor to work closely with the Spyker Team management to improve the performance of the cars going forward”.
Vijay Mallya is the Chairman and controlling shareholder of the UB Group which has market leading positions in the beer, spirits and airline businesses in India. With annual revenues in excess of US$ 3.0 billion and a market capitalization of approximately US$ 5.0 billion, the UB Group is the owner of famous brands such as Kingfisher. In May this year, United Spirits Ltd., the spirits arm of the UB Group, acquired Scottish distiller Whyte and Mackay for US$ 1.4 billion.
Vijay Mallya’s Kingfisher Airlines is the current sponsor of the Panasonic Toyota Formula One Racing Team. He has had a longstanding presence in Formula One having sponsored the Benetton Formula One Team in 1996/1997.
Vijay Mallya is a member of the Indian Parliament and also serves as the Chairman of the Federation of Motor Sports Clubs of India, the Government of India recognized National sporting body as well as the Motor Sports Association of India, the current FIA ASN for India.