Mallya makes move to buy Spyker

Indian billionaire Vijay Mallya, Spyker's potential new owner, insists there

will be no immediate miracle to resurrect the ailing fortunes of the troubled

team.

Mallya and Michiel Mol, Spyker's director of Formula One, have joined forces

and have had a £50million bid accepted by owners Spyker Cars NV, with the buyout

to be completed within 30 days.

If the takeover goes through, Mallya will become chairman and managing director

and will nominate three directors to the board, while the Mol family will

nominate a further two.

Mallya, who is chairman and controlling shareholder of the UB Group, which has

beer, spirits and airlines operations in India, knows it will take time to make

Spyker successful.

"I have been dreaming about owning a Formula One team. I was looking at the

right opportunity to show up at the right time," said Mallya.

"But I cannot comment on the 2008 budget now. If it has to go up by 30 to 40%,

and if it is justified, then we will tweak it.

"2008 will be the starting point for a gradual improvement. No miracles are

going to be produced.

"But the deal is good for Formula One. It's good for India and it's good for

Formula One management because viewership is going to shoot up now."

With Mallya in charge it could mean an Indian driver in Formula One next

season, potentially Narain Karthikeyan, who is currently test driver for

Williams.

It is also likely the team will race under a different name next season,

although Mallya was unable to confirm driver or team name possibilities.

"I would like to say it would give me immense pleasure to see an Indian drive

an Indian Formula One car, but we have to consult with the team principal and

chief technical officer," added Mallya.

"As of today I won't be able to commit whether Spyker Ferrari will continue to

maintain the same name or not next season.

"What name the new team will race under is subject to approval of other teams

and the F1 management."