Spyker considers sale of F1 team

Spyker have scored no points in the first 11 races of the 2007 season

Dutch sports car maker Spyker could sell some or all of its Formula One team as part of a refinancing plan.

The firm said that negative publicity about its credit worthiness had forced it to seek additional funds to keep its finances liquid in the short-term.

A Spyker statement said: "Of the various refinancing scenarios being considered, the (partial) sale of the Formula One team is one possibility."

Spyker F1 team director Michiel Mol is considering buying the racing outfit.

Mol is therefore stepping down as interim chief executive of the parent company to avoid a conflict of interest.

The sports car company, founded in 2000, is expecting to make a financial loss this year, with the F1 operation costing more to run and generating lower revenues than anticipated.