Club Arnage

Hmmm, Spyker Cars in trouble after buying F1 team……no real surprise there then.

From Autosport.

Spyker considers selling F1 team

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.

Oh well, I guess there's always someone to point a finger at. But to blame the media? ???

What's the record for the shortest time that an F1 team has been owned? This must be close

Why the F did they buy it in the first place? Weren't cool cars and LM good enough?

What were their finances like before the F1 purchase, were they in the black?

I think only just. One year in the black and they decided to go F1.

Now there is every chance that the F1 quest will bugger it for the car division and LM.

tw@'s

Sounds like someone at Spyker thought their gonards were bigger than their bank account, and thats all they need.

By the way - how much to race 1 season at F1 level?

Why does someone buy an F1 team?  Do they expect world wide fame and recognition and, hence, huge popularity and sales for their other products?

Surely, apart from the sponsorship and TV deals, F1 is propped up and financed by partners with a large chunk of disposable income.

I think spending on the F1 team, including the purchase of the team, has been about 200 million euro's!!! The endurance team cost 1/40 of that to run for a whole year :o

yikes that is allot of cash, how much would i need to win on the old lotto to fund a car for LM then?

200/40 = 5 ;)

I can't say I'm desperately upset to be honest. A bunch of dick-waving big mouths have bitten off far more than they can chew. Well tough luck chaps and welcome to commercial reality. I wonder who's going to become the new F1 laughing stock now?

Here's what we all said about it 12 months ago, it's quite instructive to go over it again.

http://www.clubarnage.com/forum/index.php?topic=5936.0

For the most part I think the disasterous F1 debacle has done enormous damage to the quietly nurtured brand image they were trying to cultivate? I mean, what successful business executive or preening Arab prince wants to be seen in a Spyker Coupe now? It's completely tainted with failure, financial catastrophe and complete mismanagement. The directors would have been better off taking Fax's advice and employing Mr Egg Foo Yooung.  :(

was thinking its not as simple as that, but 5 mill, well thats not too bad, esp in the old urines, which comes in around 3 and half mill GBP. so that leads me onto another question.........

Can anyone say...Andrea Moda, Life, Onyx, etc.
Never learn do they? Yeesh!
Andy, you said it best.  A bunch of dick waving loud mouth's who think they can do a better job than Ron Dennis, Frank Williams, The Flav, etc.
Fax

I may be corrected here but by current estimates. As basic 2 car team that buys engines etc expect to spend anything between £60m - £100m.

This includes all testing, manufacturing and all support staff, buildings etc.

Now, hopefully for the team owner, sponsors will pick up the tab.  In Spykers case, obviously they haven't budgeted enough!

Supposedly it is the car company that is causing problems for the F1 team.
I assumed it was the other way round.
Or has some creative accounting been taking place?

Spyker F1 future 'healthy and secure'

The Spyker Formula One team's future is 'healthy and secure', senior sources have told autosport.com, despite the news that their parent road car company is looking to sell its shareholding in the outfit.
Dutch sports car maker Spyker Cars NV announced on Tuesday that it was looking to sell some or all of the team to raise additional funds for its ailing business.
That news prompted speculation about the future of the Silverstone-based outfit, which it had bought from the Midland team last season.
It is understood, however, that the move could actually prove to be a positive for the team - with Dutch businessman Michiel Mol increasingly likely to buy out the shareholding himself in the near future.
Mol resigned as CEO of the Spyker road car company yesterday to prevent a conflict of interest, as he looks to purchase the team himself and make moves to separate the road car company and F1 team businesses.
A separation from the road car company would actually boost Spyker F1's finances, with it understood that the team have had to financially support the road car company in recent months.
"Our future is healthy and secure," a source from the F1 team told autosport.com.
It is understood that even if Mol buys out the team himself there are no plans to change the Spyker name.

[coughs]bullsh*t[/coughs]

The F1 team is a daughter of the Spyker road car company. To actually buy the team from Midland, they had to put extra stock on the market. So, the F1 team has cost the company a bucket load of money and due to bad results of the team and other negative reports in the media, the shares have lost value quit rapidly, leaving no other choice but to get rid of the one thing that costs the most money. Good riddens I say, just hope that the endurance squadron survives this :'(

Jordon F1 was washed up when Alex "Mr. Midland" Schneider brought them and they just got worse under the MF1 banner. Why oh why Spyker brought them is anyone's guess .... I suppose the good thing is the Squadron is (currently) alive and well at Spa 1000kms and IMHO sounding the best of the cars out on the track today ... Just coming out for qualifying as I type ... 

Edit - Added pic from this morning's practice

(http://www.dervhead.com/images/JDS/Spa/Spyker.jpg)