Midland Formula One team owner Alex Shnaider has sold the Silverstone-based team to Dutch sportscar company Spyker.

Shnaider, who bought Jordan before the 2005 season and renamed them Midland this winter, has been discussing a deal with the group for much of the season.

Today he agreed to sell the team for £57m to Spyker, who have teamed up with businessman Michiel Mol.

Former Toyota technical director Mike Gascoyne returns to Formula One as chief technical officer of the new Spyker MF1 team in November, while Colin Kolles stays on as team boss.

Mol said: "Mike Gascoyne joining us is a milestone and the ultimate proof of our ambitions.

"Together with Colin Kolles he will be able to build a winning team.

"Hopefully it will not take too long before we hear the Dutch anthem in Formula One for the first time ever. I have a new challenge and nothing is impossible."

The Dutch deal brings to an end Shnaider's turbulent time as a Formula One team owner, which has seen the Russian-born Canadian repeatedly linked to a sale.

He stepped in to buy out Eddie Jordan in late 2004 after the Irishman's team ran into severe financial difficulties.

But, after installing Kolles as team boss, results have scarcely improved and Midland have yet to score this season.

Aside from third and fourth when only six cars raced at Indianapolis last year, their only point came thanks to Tiago Monteiro at Belgium.