Spyker CEO resigns amid F1 team sale reports

Wed, 15 August 2007, 12:20

The CEO of Spyker’s sports-car making parent has stepped down amid speculation that he might buy the Silverstone based F1 team.

Recent press reports said the Dutch marque was on the verge of financial collapse, including the projection of a substantial loss in 2007.

The Dutch news agency ANP on Tuesday added that CEO Michiel Mol, having only recently taken up the position, has now departed, to be replaced by Hans Hugenholtz.

Several potential buyers are interested in the formula one team, ANP said, including Mol, who could not be contacted for comment.

To the Dutch magazine Formule 1 Race Report, Hugenholtz played down suggestions that even Spyker’s short-term liquidity is in doubt.

“That is an invention of the press,” he said.

“What is correct is that Michiel has resigned as CEO. And I am his successor.

“The reason for that is that Michiel wants to buy a larger share of the formula one team. So he possibly would have had a conflict of interest.

“The Spyker formula one team does and will continue to exist.”

Eddie Jordan sold his eponymous Silverstone based team to Midland at the end of 2004. Last September, the Russian steel magnate Alex Shnaider sold the team to Spyker.

You may also like