Midland sold

The Midland F1 team has been sold to the Dutch-Arab consortium led by Michiel Mol. The deal was concluded in the early hours of the morning on Saturday and is believed to be worth around $90m, rather less than the rumours that have been circulating for weeks. The team is likely to be called Spyker and will probably use customer Ferrari V8 engines, although the details of the deal are not yet clear. We hear that this may be related to a deal for production car engines for the new Spyker 4x4.

An announcement is expected later this morning.