HRT put up for sale by owners

HRT put up for sale by owners

12 November 2012 – The HRT Formula 1 Team has been put up for sale by current owners Thesan Capital. The Madrid-based squad, which relocated to brand-new headquarters in the Spanish capital this year, is hoping to complete the sale 'in the upcoming weeks'.

Since joining Formula 1 in 2010, HRT has gone through a host of structural changes

The team's previous owner, José Ramón Carabante, sold the outfit to Thesan Capital in July 2011, ultimately paving the way for new leadership under Luis Pérez-Sala. However, talks are now being held with 'a number of groups' ahead of the off-season.

"We believe the moment to let new investors come through for HRT Formula 1 Team has arrived," HRT's management explained. "We’re very proud of the work done by the entire team and of the excellent sporting evolution achieved but the time has come for the team to continue growing with new financial backing.

"We’re convinced that the sporting potential of the team is huge and that the presence of new investors can give it a big boost."

A statement released by HRT's owners reads:

'The current owners of HRT Formula 1 Team, TC II S.a.rl., would like to confirm that they are currently in talks with a number of groups interested in buying the team. HRT Formula 1 Team’s current management hopes to conclude the sale in the upcoming weeks and, with it, enable the team to continue progressing and become a reference in modern-day Formula 1 after the important achievements already accomplished in this 2012 season. HRT Formula 1 Team hopes to communicate the name of its new owner in the upcoming weeks.'

During its first two seasons in Formula 1, HRT finished off the bottom of the Constructors' table in 11th place. However, it currently sits behind both Marussia and Caterham in the battle at the back of the grid, meaning it is set to receive the lowest share of television revenues and prize money at the end of the current campaign.

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