Struggling Formula One team Spyker will be sold to a consortium composed of Indian billionaire Vijay Mallya and the Dutch family De Mol for 80 million euros ($110m), the ANP news agency reported.
The two parties have reached an agreement although the deal has yet to be sealed in writing, said a spokesperson for the De Mol family.
Michiel de Mol, the former president of the team who quit in August, had already announced his intention to buy the organisation.
Mallya, a businessman and member of parliament, is the head of the drinks group UB and Kingfisher airline.
Spyker, the Dutch sports car maker, bought the Midland F1 team in 2006 for 77.8m euros ($107m), but on Monday it posted losses of 29.9m euros ($40.7m) for the first quarter.
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