Gascoyne will lead the new team's technical department

The new Spyker MF1 Racing team, will be a 100% subsidiary of Spyker Cars NV.

Former Renault and Toyota technical director Gascoyne will join as the Silverstone-based team's chief technology officer from 1 November.

"The decision to sell has been one of the most difficult I have ever faced," said Midland boss Alex Shnaider.

The Russian-born Canadian businessman bought Jordan early last year and changed the name to Midland.

Mike Gascoyne joining us is a milestone and the ultimate proof of our ambitions Michiel Mol Spyker F1

"It is never easy to relinquish something into which one has devoted so much energy and passion.

"However, I truly believe this transaction is in the best interests of everyone involved - Midland Group, Spyker, and the team."

Spyker have teamed up with businessman Michiel Mol to help run the team, and he has retained Midland's Colin Kolles 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."

Gascoyne was sacked by Toyota earlier this year and will join Spyker on 1 November after completing his "gardening leave".