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Midland complete F1 sale

Since the beginning of Midland’s Formula One adventure there was speculation that the Russian minerals group was getting cold feet.

On Saturday those rumours culminated in the complete sale of the MF1 Racing team to a group known as Spyker Cars NV.

"The decision to sell the team has been one of the most difficult I have ever faced," stated Midland Group Chairman Alex Shnaider.

"It is never easy to relinquish something into which one has devoted so much energy and passion.

“However, as much as I had hoped to witness the continuing growth of the team under our ownership, I truly believe this transaction is in the best interests of everyone involved - Midland Group, Spyker, and the team.

Midland’s jaunt lasted only two short years after the group acquired the Jordan outfit at the end of 2004.

They had initially set out a long-term vision however the difficulties of gaining success at the pinnacle of motorsport quickly became apparent.

There was no talk of underestimation on Saturday though. Shnaider, a Russian-born Canadian, was keen to outline the progress the team had made under his control.

"I am proud to be leaving the team in a much better state than it was when we acquired it 20 months ago,” he continued.

“Not only is it more financially stable, it is also more competitive at the track, and getting stronger all the time.

“The creation of the 2007 car is well underway, as are major upgrades to the wind tunnel facility.

“Investment into the team's technical development has continued unabated throughout the season.

"At the moment, Formula 1 is a much more mature and understood sport in Holland than it is in Russia.

“I believe the new owners will be well placed to exploit the commercial and nationalistic aspects of a Dutch identity, and this is something that can only benefit the team.”

Spyker is a famous name in Dutch automotive history.

The group was founded in the late 1800’s before ceasing trade in 1925.

In 2000 the name returned to manufacturing circles with the launch of the specialist sportscar, the Spyker C8 Spyder.

Since that date the group have moved into motor racing through the Le Mans series and 24 hours of Le Mans.

"Since we started the company in 2000 we have seen tremendous growth consistently year on year, basically doubling production every year,” said the group’s CEO, Victor Muller.

“In order to maintain a strong growth path for a company with relatively limited means for marketing, the entry into the Formula One arena is an unparalleled way to both underline Spyker's commitment to racing and to benefit from a massive increase in brand awareness around the globe.

“It is my strong conviction that Formula One racing transmits values which are entirely in line with our brand values: heritage (as early as 1903 Spyker built the famous six cylinder four wheel drive 60HP Grand Prix racer), design, craftsmanship, performance and exclusivity.

“Moreover we expect that the Spyker road cars will seriously benefit from the F1 technology that we now have in-house.

“I am so proud of our team that worked around the clock to make this deal happen.

“It proves that the logo introduced in 1914 'nulla tenaci invia est via' still holds true today: for the tenacious no road is impassible.”

In a twist, it was also announced that Mike Gascoyne would be the chief technical officer at the team known as Spyker MF1 Racing in the 2007 season.

Written: Sat, 09 Sep 2006 22:46:44