Spyker F1 buyout almost completed

Yesterday, a statement confirmed that the offer of billionaire Vijay Mallya and Michiel Mol has been accepted by Spyker Cars. The buyout will be completed within 30 days. Earlier it was reported that Mallya and Mol made a €80 million bid.

In a press conference, the Indian Mallya declared that the offer had been accepted by Spyker Cars: "Team India is on the F1 grid. I have been dreaming about owing an Formula One team. I was looking at the right opportunity to show up at the right time.

"I cannot comment on the 2008 budget now. If it has to go up by 30 to 40 per cent, and if it is justified, then we will tweak it. 2008 will be the starting point for a gradual improvement. No miracles are going to be produced," added Mallya.

"The deal is good for Formula One. It's good for India and it's good for Formula One Management because viewership is going to shoot up now.

"I would like to say that it would give me immense pleasure to see an Indian drive an Indian Formula One car, but we have to consult with team principal and chief technical officer. As of today I won't be able to commit whether Spyker Ferrari will continue to maintain the same name or not next season. What the name the new team will race under is subject to approval of other teams and the F1 management."