Spkyer to sell sportscar business to Russian banker


News reports out the Netherlands today indicate Spyker Cars NV, the Dutch luxury sports car maker that purchased Saab last year has inked a deal to sell its sports car business to a Russian banker.

The niche sports car company run by CEO Victor R. Muller says the move will allow it to focus solely on Saab and debt reduction.

According to a memorandum of understanding, Russian banker and entrepreneur Vladimir Antonov will offer CAN$20.3 million on closing and as much as $23 million in a series of installments stretching to 2016.
Antonov has been chairman of the Convers Group since 2004 and sits a number of additional advisory and supervisory boards for banks across Europe. Sources sat the he has an estimated personal wealth of $300 million.

Spyker has struggled to turn a profit since the purchase of Saab from General Motors roughly a year ago. The company reported a net loss over $187 million for the first half of 2010.

That total loss was up from a loss of $117 million a year prior. Sales climbed to $327 million
from $5.5 million while operating losses deepened significantly from $9.4 million to $146 million.

Of course, the reason for some of the large disparities between the totals was blamed at the time on the consolidation with Saab. 

“Given the effective shutdown in Saab's operations during the first months of 2010, the first half year cannot be seen as representative in terms of volumes and operating results, but as a necessary episode from which Saab will build going forward,” the company said in a statement at the time.

- With files from The Canadian Press