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The Spaminator
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Say what? Spyker Cars to sell sports car division, focus on Saab
By Mark Kleis
Feb 24th, 2011
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Saab exists because of the niche sportscar maker Spyker and its decision to buy the otherwise dead automaker from General Motors, but in an interesting turn, the company that operates both Spyker and Saab has started the process to sell off its Spyker cars division.

Say what? Spyker Cars to sell sports car division, focus on Saab By Mark Kleis Thursday, Feb 24th, 2011 @ 6:39 a.m. Saab exists because of the niche sportscar maker Spyker and its decision to buy the otherwise dead automaker from General Motors, but in an interesting turn, the company that operates both Spyker and Saab has started the process to sell off its Spyker cars division.

To anyone that follows Spyker closely, you may recognize Antonov’s name, as the investor once owned 29.9 percent of Spyker prior to Spyker Cars purchasing Saab, but was forced to sell his stake when GM refused to ink its deal to sell Saab without the move.

The new deal calls for a 15 million Euro purchase price for the sportscar assets, as well as a 17 million Euro earn-out, with all of the proceeds to go towards the reduction of Spyker Cars’ debt. Should the sale go through, the company still responsible for Saab Automotive is expected to change its name and focus entirely on reducing debt and increasing market share and profitability for the automaker.

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Basically, this is like Ford selling the Ford brand to focus on Lincoln...
 
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