The king of good times, Vijay Mallya, is not just bringing Formula One race to India but is also buying a F1 team.
Sources have told the TV18 Network that Mallya has closed in on Spyker-Ferrari and he would be investing in the team in his personal capacity. According to the sources the deal is worth 90mn euros and is almost final and will be announced shortly.
The Spyker-Ferrari board has given the green signal as Mallya's bid is at a reasonable premium.
However, as Mallya is investing in the Spyker team in his personal capacity, Kingfisher will continue to sponsor the Toyota Panasonic F1 team.
The TV 18 Network had first reported on Mallya's F1 bid earlier this week.
Speaking to the network during the Istanbul Grand Prix, Mallya said, "You can draw your own conclusions, but part and parcel of bringing Formula One to India is to also have an Indian company involved in Formula One. In what form or shape, I am not going to disclose just yet. I think it is premature. But we have drivers, we have Narain Karthikeyan, we have Karan Chandok and I hope there will be more as we go along. That is one part of the story. But to have a more significant involvement in a particular Formula One team, could well have a domino effect in regenerating interest in Formula One in our large country and culminating of course in actually hosting a race."
In September 2006, Spyker, which is one of the laggards on the F1 circuit, acquired the Midland F1 Team of UK.
Source: Yahoo Sports
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