Spyker set to sell Formula 1 team

AMSTERDAM, Netherlands (Reuters) -- Dutch sports car maker Spyker Cars NV might sell some or all of its Formula One team as part of a refinancing plan and strategic review, Spyker said on Tuesday.

Spyker said in a statement that negative publicity on its credit worthiness and survivability had forced it to get additional funds to secure its short term liquidity position and to continue investments.

"Of the various refinancing scenarios being considered, the (partial) sale of the Spyker Formula One Team is one possibility," said Spyker, adding that it was reviewing a number of unsolicited received offers for the team or parts of it.

Spyker's current interim chief executive and director of the Spyker Formula One team, Michiel Mol, is also considering buying the racing team and he would step down as CEO and director to prevent a conflict of interest, Spyker said.

The vice-chairman of its supervisory board, Hans Hugenholtz, will temporarily take on the role of CEO until a successor for Mol was found.

The company, founded in 2000, said it expected to make a loss in 2007 and added its Formula One team would be not be "cash neutral" due to higher than expected costs and lower than expected revenues from television rights and sponsors.

Spyker, which bought a Formula One team last September, said its short term liquidity position was tight and its shareholder Strongwind of Luxembourg had supported Spyker with an additional 2 million euros ($2.72 million) loan.

The car maker said it expected its refinancing operation to be completed by the end of the third quarter this year. Last month it said delisting was a possibility.

 

Spyker made a profit last year.

They should ditch F1 for sports car raicng, imo.

http://www.spykersquadron.com/

 

I don't understand how 3/4 of the teams make any money on F1.

 

Sponsor money! Sponsors hand F1 teams millions. Panasonic for Toyota, Vodafone and Johnny Walker for Mclaren, At&t for Williams, etc. etc. Also, not to mention all the associate sponsors who invest a ton of money, but not as much as the primaries.

 

Sponsor money AND TV money from Bernie.

F1 can be a good enough business for teams, which is precisely why middle of the field team even participate: They will never win a GP, but that's not their goal: They do what they love to and make a living doing it.

BTW: "TV money" is a bit confusing: It is actually part money Bernie gets from the broadcasting companies plus money he gets from the event organizer (e.g. what broke the deal with Tony George). I'm just saying this because some people think Bernie cashes in all the money. That's not the case. He makes a killing with his profit, but he redistributes the lion share of what he gets.

 

IIRC, only the top ten teams are given a cut of the money.

That will leave either STR or Spyker holding a very empty bag at the end of the season.

 

i hope someone competetive will fill their shoes..

 

Actually An FIA/ FOCA contract with a track and event promoter states that all revenues garnered, generated or produced by any attributable factor of Formula One or any of its participants is due to Formula one Management. All the event promoter can make money on is actual ticket sales, and a portion of souvinere sales, food and vending operations. If you are a vendor at a F-1 race you basically give up half of your Profits to Formula One management and then somtimes you give half of your Sales!!! wether you make a profit or not ... Bernie and FOM dont care.

In most of there "new world" races Bernie is the actual promoter... so he gets - TV money, track sponsorship money, big slice of all misc retail sales at the track, and then also pockets all the money from the hospitalty, paddock club, and associated events.

talk about a Monopoly.... even the teams have to post Millions just to play.

I tried to do a deal with FOM back in the 90's to do Food for a couple of races... and we actually got a signed contract, then the promoter went belly up... FOM begged us to go to an other venue, but we could not make any money... its insane.

they dictate the kind of Champagne, soft drinks, towels, toilet paper etc.... who you can buy food from etc... its like the Mafia!

 

Not true. STR's budget is 1/3 Mateschitz, 1/3 Berger and 1/3 revenue from the FOM.

 

I think Bernie agreed to share a bit more with Williams and Spyker over the Customer Chassis issue of 07 coming into effect one year earlier (i.e. STR and Aguri).

 

This year's budget? They had 1 point last year versus 0 for Toyota and Aguri, so they'd get $.

 

This year. I think you're assumption of the top 10 teams only getting FOM money is mistaken.

 

Funny how Spyker/Midland/Jordan are constantly on the verge of being sold as they are always struggling for money. Wonder why they even show up knowing they might not finish out the season. To tell you the truth, I think Mr. Oliver and Mr. Ligier did a great job for a long time until Walkinshaw and Prost screwed the Pooch.

 

Nope.

 

Don't forget the teams make money off of merchandise off their website. I bet Ferrari is making a killing off that alone.

 

50 Mio USD

 

I'm not suprised at all, I've been watching their stock from the last few months and it has been falling like a rock down around 70% YTD.

 

Not surprising at all, considering how ugly their cars are.

 

I would love for some obscenely rich patron to buy Spyker and Lotus, and put the Lotus name back in F1. .....visions of Type 49's and JPS colour schemes dancing in my head....

 

Yea, not surprising at all. This was a losing proposition right from the start. I don't know that they've even sold many cars here in So. CA.(My guess is less than 6 if that)

 

Either Lotus or perhaps Lamborghini/Audi ... any of them would make a great addition to F1!

 

VW/Audi group would be a perfect compliment.

 

Spyker is a company with no history, that sells cars that offer nothing that others don't... except for often questionable styling. It amazes me they ever got off the ground at all.

 

+1

 

http://en.wikipedia.org/wiki/Spyker_D12

A car manufacturer that dates back to beginning of last century has no history?