Sale of The Team
Rumours had been floating about in the paddock throughout the mid-season about the possible sale of the team, less than two years after Shnaider originally bought it from Eddie Jordan. Reports suggested a price tag of $128 m, and that Shnaider was seriously considering the possibility of the sale. Formula One teams had become more valuable, because no more teams could enter after 2008, with the maximum of 12 places already filled.
On September 9, 2006, it was revealed that the team was sold to Spyker Cars. Spyker paid $106.6 million for the team. On September 10 ITV Sport said that Shnaider was no longer involved in the team since the announcement of the sale. Colin Kolles remained as team principal, while Michiel Mol became the new Director of F1 racing and member of the Spyker board and Mike Gascoyne joined as Chief Designer at the end of the season. The cars appeared in a revised livery for the final three races of 2006. Name changes are not allowed mid-season, but Spyker were legitimately able to name themselves as the team's title sponsor, so the team raced in its last four Grands Prix under the official name "Spyker MF1 Racing". In 2007, the team competed as Spyker F1. From 2008 onwards, the team competes as Force India.
Read more about this topic: Midland F1 Racing
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