Shnaider could make a quick sale on his struggling F1 team

Media mogul Michiel Mol had been negotiating with Midland owner Alex Shnaider to buy the team, who have yet to win a point in the 2006 season.

Now Mol has teamed up with Spyker in a reported takeover bid of 100m euros.

Shnaider, a Russian-born Canadian who has made his fortune in steel and heavy industries, entered Formula One at the start of 2005 after buying Jordan.

Spyker said the outcome of the talks was still uncertain but would consider issuing shares to partially finance the deal if an acquisition went ahead.

Spyker chief executive Victor Muller said Formula One would be a good way to market its brand.

"After World Cup football, it is without doubt the best way to promote products," he said.

Mol is the founder of Dutch internet firm Lost Boys, whose brand appears on the Midland car as backers of Dutch driver Christijan Albers.