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Shareholders of sportscar makers Spyker have approved plans to sell the company’s Formula One team to a consortium led by Indian businessman Vijay Mallya and Dutch entrepreneur Michiel Mol.

Following an extraordinary general meeting on Saturday, the deal - worth €88 million - is set to go ahead, subject to minor legal conditions being satisfied.

Contracts are expected to be signed imminently, meaning Mallya could attend next weekend’s Chinese Grand Prix as team owner.