Sep.1 (GMM) The sale of the Dutch formula one team Spyker has been agreed and will be officially confirmed shortly.

The buyer is Indian businessman Vijay Mallya, who in recent days joined with the Michiel and Jan Mol consortium in a jointly (US) $110m bid, the local CNBC-TV18 reported on Saturday.

Mallya's involvement is reportedly in his "personal capacity", meaning that his airline Kingfisher will continue to sponsor Toyota.

It is not known what the new name for the Silverstone based team, also called Jordan and Midland in recent years, will be, but the joint consortium is called 'Orange India'.

It is understood that press and stock market statements are currently being drafted.

Mallya, a key supporter of a grand prix in India and also with alcoholic brands, said: "Part and parcel of bringing formula one to India is to also have an Indian company involved.

"We have drivers, we have Narain Karthikeyan, we have Karun Chandok and I hope there will be more as we go along."

The financially embattled exclusive Dutch sports car maker Spyker bought the team from Midland last September.

Mallya and Mol said in a statement: "(The) offer has been accepted by the Board of Spyker Cars N.V. and exclusivity has been granted to the consortium Orange India Holdings Sarl to proceed with due diligence ... to achieve completion within 30 days."