New Delhi: Liquor tycoon Vijay Mallya has finished the 90 million euro transaction to take over 50 per cent stake in Spyker-Ferrari Formula One, thus making him the team co-owner.

A representative of Mallya said that the transaction was settled this morning after a 30 day long diligence process.

A group, headed by the UB Group Chairman Vijay Mallya and Dutch industrialist Michiel Mol, had signed up in-principle contract last month to buy Spyker-Ferrari Formula One from Dutch sports car manufacturer ‘Spyker.’

Mallya had bid for the Silverstone-based group via his company Watson Limited together with Strongwind, possessed by the Mol family.

After signing up the official documents, board of the Spyker Formula One Team has been handed over to the new possessors, making Mallya the initial Indian Chairman and Managing Director of a Formula One team yet

A passionate admirer of fast cars, Mallya had told that the newest name of the F1 side would contain the word ‘India’, adding he was not reluctant to the plan of having an Indian driver.

Mallya’s Kingfisher brand sponsors the Toyota Panasonic F1 team and the flamboyant industrialist recently said in an interview that having an Indian company involved in Formula One would assist the nation get to host a Grand Prix.

Dutch maker of hand-built vehicles, Spyker Cars NV, hold the Spyker Formula One team that it inherited from Midland for $106.6 million last year only to slip in a financial crisis.