F1: Team Is Up For Sale, Says HRT

Formula 1

F1: Team Is Up For Sale, Says HRT

HRT Formula 1 Team is in talks with interested buyers...

Adam Cooper | http://www.speedtv.com | Posted November 12, 2012 Balen (BEL)

HRT-Cosworth driver Narain Karthikeyan of India drives his car during the first practice session of The Buddh International circuit on October 26, 2012, ahead of the Formula One Indian Grand Prix. (Photo: Getty Images)

HRT has taken the unusual step of confirming on its website that the team is up for sale and that negotiations are ongoing.

Thesan Capital, who bought the team only last season and has since moved it to Madrid, has been looking for investment for some time.

The statement said: “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.

“We believe the moment to let new investors come through for HRT Formula 1 Team has arrived. 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.”

Adam Cooper notched up his 27th season as a racing journalist in 2011. He has written about F1 for SPEED.com since 2005. Follow him on Twitter.