Midland's billionaire owner Alex Shnaider is considering selling his Formula One team to a Dutch group for around 100 million euros.

"There is an offer, a very serious offer, and as such we have to seriously consider it," said Midland's Ron Fine. "No decision has been taken."

He confirmed the bidding consortium was being led by Michiel Mol, founder of Dutch internet firm Lost Boys whose brand appears on the Midland car as backers of Dutch driver Christijan Albers.

Asked whether the 100 million euro figure was accurate, Fine confirmed it was 'in the ballpark'.

Shnaider, a Russian-born Canadian who has made his fortune in steel and heavy industries throughout the former Soviet bloc, entered Formula One at the beginning of 2005 after buying Silverstone-based Jordan.

The Toyota-powered team were renamed Midland this season, when they also became the first Formula One outfit to compete with a Russian licence, but have had no success in seven races so far.

The team have yet to score a point this year, with Albers and Portugal's Tiago Monteiro, and Shnaider has been dogged by regular speculation about his intentions.

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