Spyker not in money trouble

(GMM) The formula one team of the same name is not under threat despite the financial difficulties of its Dutch road-car making parent company Spyker.

That is the insistence of team boss Colin Kolles, after the outfit hit the headlines over the Monaco grand prix weekend when it emerged that Spyker Cars had mortgaged its very name as part of a credit agreement with a bank.

But Kolles said: "Spyker formula one is financed through its own consortium of investors, partners and suppliers and we are not reliant on input from the road car division.

"Observers should not be predicting the fall of the F1 team any time soon," he added.

The Silverstone-based team was founded as Jordan Grand Prix in the early 90s, before selling to the Midland Group at the end of 2004.

A consortium led by Spyker Cars' interim CEO Michiel Mol took over last year.