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Last Updated: Friday, 5 October 2007, 14:45 GMT 15:45 UK
Spyker complete sale of F1 team
Spyker F1 cars
Spyker have won just one drivers' and one constructors' point in 2007
Dutch sports car manufacturer Spyker has completed the sale of its Formula One team to a consortium including Indian billionaire Vijay Mallya.

Spyker Cars confirmed on Friday that the team had been handed over to new owners Orange India Holdings for 61m.

Spyker paid 51m for the Midland F1 outfit in 2006 but have not made an impact in this season's championships, winning just one constructors' point.

The former Jordan team made a 9m loss in the first half of the year.

Mallya is chairman and controlling shareholder of the UB Group, which has beer, spirits and airlines operations in India.

With him in charge, it could mean an Indian driver in F1 next season, potentially Narain Karthikeyan, who is currently a test driver for Williams.

India is set to host an F1 race in 2009 following a deal between the Indian Olympic Association and Formula One supremo Bernie Ecclestone.

SEE ALSO
Indian tycoon set for Spyker deal
02 Sep 07 |  Formula One
India agree deal on Grand Prix
14 Jun 07 |  Formula One


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