Sep.30 (GMM) The board of Spyker's financially embattled sports-car making parent company has approved the sale of the Silverstone based formula one team.

The Dutch company recently revealed that an agreement to sell the outfit to Vijay Mallya and the Mol family for 88m euros had been reached, pending the shareholders' meeting that was held on Saturday afternoon in Holland.

The final hurdle is the settling of "minor legal conditions", Spyker said in a statement.