Spyker Cars, the owner of Saab announced that it is selling its sports car brand to focus on Saab. They acquired Saab a year ago from General Motors.

The Dutch company said it will sell the assets of its Spyker sportscar business to the UK-based CPP Global Holdings Limited, owned by Russian millionaire Vladimir Antonov. The terms are reported as an initial purchase price of Eur15 million, and an additional Eur17 million to be paid from future earnings over a six yea period.

“Without Spyker we would not have been able to acquire Saab Automobile last year but the Spyker Business soon became a small fish in a large pond as a result. In terms of the overall results of Spyker Cars N.V., the Spyker Business had become immaterial, but to develop its business going forward, its cash needs are relatively significant,” said Victor Muller, CEO of Spyker Cars N.V. and Chaiman of Saab Automobile AB.

"The management of the company has very exciting plans for Spyker and the brand is entering a period of major developments," CPP's managing director Brendan O'Toole added.