Spyker officially handed over to Orange India

The Spyker Formula 1 team has been officially handed over to Orange India Holdings, a consortium led by businessmen Vijay Mallya and Michiel Mol.

A statement released by Spyker NV Cars read, “Today, after signing of the official documentation, management of the Spyker Formula One Team has been handed over to the new owners: Orange India Holdings.”

Orange India Holdings are said to have paid 88 million Euros to Spyker Cars for the F1 team. Spyker themselves only bought the team last year for a reported $106.6 million. The F1 team made a loss of 13 million Euros in the first half of 2007.