The new team will be called Spyker MF1 Racing and will be a 100% subsidiary of Spyker. The deal means that Russian-born Canadian businessman Alex Shnaider, who bought Jordan early last year and changed the name to Midland, will bow out as team owner.
Spyker will make an initial payment of $68.6 million, a further payment of $15 million in September 2007 and a final payment of $23 million to be paid in September 2008. It is anticipated that Spyker will try to do a deal for engines with Ferrari.
Businessman Michiel Mol will join the team as its director of F1 racing and will also become a member of the board of Spyker. Mike Gascoyne will become the Chief Technology Officer of the new team from November 1 and Colin Kolles will remain as the team principal.
