Spyker selling off its sports car division to focus on Saab

The Dutch company will sell off the sports car division to CPP Global Holdings Limited, a company that is owned by Russian millionaire Vladimir Antonov and based in Coventry, UK. Spyker is expected to receive about 15 million euros initially, with an additional 17 million euros to be paid out over six years, and Spyker will use the cash to reduce its debt.

Spyker will be renamed following the sale to avoid confusion, and CPP Global Holdings Limited will become the owner of all assets related to the Spyker business, including trademarks, intellectual property rights and Spyker's sports car model range.

"Without Spyker we would not have been able to acquire Saab Automobile last year but the Spyker Business soon became a small fish in a large pond as a result. In terms of the overall results of Spyker Cars N.V., the Spyker Business had become immaterial, but to develop its business going forward, its cash needs are relatively significant," said Victor Muller, CEO of Spyker Cars N.V. and Chairman of Saab Automobile AB.

CPP Global Holdings has been producing chassis and body panels for Spyker since 2000 and the C8 Aileron model since 2009, and its owner Antonov had previously held a 29.9 per cent share in Spyker through his Snoras bank, but was bought out by current Spyker CEO Victor Muller's Tenaci Capital before the Dutch company's takeover of Saab.