The king, "SPYKES" Formula deal :

Vijay Mallaya, popularly known as ‘The King of Good Times’ in his true style has made a bid to buyout the cash strapped Spyker F1 team. Vijay Mallya has teamed up with Spyker's director of Formula One,Michiel Mol,to make an 80 million euro($109.3 million) bid for the cash-strapped team.

"This offer has been accepted by the Board of Spyker Cars N.V. and exclusivity has been granted to the consortium Orange India Holdings Sarl to proceed with due diligence ... to achieve completion within 30 days," the partners said in a joint statement late on Friday.


Mallya will be the chairman and managing director and will nominate three directors to the board. The Mol family will nominate two directors.

Spyker Formula One team is owned by Dutch luxury sports car maker Spyker Cars NV.

"I have been dreaming about owing an Formula One team. I was looking at the right opportunity to show up at the right time," Mallya told a news
conference on Saturday.



"The deal is good for Formula One. It's good for India and it's good for Formula One Management because viewership is going to shoot up now," he said.

Mallya's involvement is reportedly in his 'personal capacity', meaning that his airline Kingfisher will continue to sponsor Toyota.




Mallya, a key supporter of a Grand Prix in India said: "Part and parcel of bringing Formula One to India is to also have an Indian company involved.

"We have drivers, we have Narain Karthikeyan, we have Karun Chandok and I hope there will be more as we go along."

With this deal in the bag and an Indian grand prix being a possibility within next two years, it will be a sheer delight for the Indian formula one enthusiasts to see those mean machines burn rubber on the Indian roads.