Spyker Formula One deal closes
It is official. Indian billionaire Vijay Mallya has bought half of the Spyker Formula One team for about $127 million. The deal is technically between companies owned by Mallya and Spyker and includes Dutch investor Michiel Mol.
Mallya is already deeply involved in Formula One through his Kingfisher beer brand, which sponsors the Toyota Panasonic team in Formula One. He is also part of a group seeking to bring a Formula One race to India.
Spyker acquired the Formula one team from Midland only last year for about $107 million, but has since suffered financial reverses. Nonetheless, the current deal makes that an extraordinarily good investment, as Spyker has almost recovered its entire investment with the sale of only a 50% interest in the team.