Bloomberg reports that Spyker Cars NV has sold its sportscar business to former chairman Vladimir Antonov for €15m, with the promise of up to €17m more over the next six years if profits allow it. They probably wont, however, as Spyker’s sportscars sell at a rate of about 30 per year, and have never turned a profit in the seven years the business has been public. The move is necessary, however, as Antonov was forced out of his ownership stake at Spyker (at GM’s request) when the firm bought Saab. CEO Victor Muller bought Antonov’s stake through his holding company Tenaci, and by selling Antonov the sportscar business, Spyker can pay back some of its €74m debt to Tenaci (another €17m will be converted into Spyker shares). Plus, explains Muller
Spyker’s (luxury car business) is a small fish in a large pond. Spyker would need additional funds, but to issue shares and dilute shareholders seemed like a very bad plan so we decided to divest these activities
With Spyker no longer part of Spyker Cars NV (the firm that owns Saab), the firm will be renamed this May (probably to some variation of “Saab”) when it lists on the Stockholm stock exchange. Still, though Saab and Spyker sportscars are no longer combining their crazy plans into a pie-in-the-sky juggernaut, and this may help get the ship right-side-up again, there’s no knowing where it’s all headed. Antonov could still buy back into Saab, and it sounds like the two will continue to share distribution channels. Whether either side of the business can actually make money is still the real question.