Mallaya, Spyker boss now

Exclusive negotiations between Spyker and the companies began on August 31 for an initial price of 123,000 80 million euros, but the cost eventually rose by a further eight million euros.

Although the deal has been approved, only minor legal issues remain to be completed in the next 24 hours before the contracts are finally signed. A spokesperson at Spyker, speaking to The Indian Express, confirmed: 8220;All I can say is only minor legal details need to be ironed out before the deal is officially closed. That, in no way, would be a hinderence since the deal is as good as done.8221;

The Dutch company, which purchased the F1 team from Canadian-Russian businessman Alex Schnaider last year, announced earlier this year that it had lost 39 million 8212; 17-million alone towards operating the F1 team. Last year the loss was put at 1.1 million.

Having already joined the F1 fold as a sponsor 8212; Mallya8217;s Kingfisher is already involved with Toyota Racing as a sponsor 8212; Shanghai will see Mallaya step into the F1 pit as owner-sponsor 8212; another first.

Meanwhile, Mallya8217;s acquisition of the Spyker F1 team seemed to have brought along good luck. On Sunday, at the Japan GP the team was awarded its first-ever World Championship point after the FIA decided that Toro Rosso8217;s Vitantonio Liuzzi had overtaken Adrian Sutil Spyker under a yellow flag on Lap 55.

Liuzzi who was been handed a 25-second penalty pushed Adrian to eighth overall, giving the team the solitary point. This point, the first in the FIA Formula One World Championship, has lifted Spyker to ninth overall in the constructors8217; championship.