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HRT put up for sale by owners Thesan Capital

ESPN Staff
November 12, 2012 « Force India to announce drivers at end of season | Teams could be caught out - Hembery »
HRT is coming to the end of its third season in Formula One © Sutton Images
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The HRT Formula One team is looking for new owners having been put up for sale by Thesan Capital.

The team confirmed the news via a statement from Thesan Capital on its official website, saying that it is "currently in talks with a number of groups" with an interest in making a purchase. Thesan Capital purchased HRT from the Carabante family in July 2011, but having relocated the team to Madrid it has said it hopes to offload the team to new owners "in the upcoming weeks".

"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," the statement read. "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."

HRT's management also added that the team needed further backing in order to build on the work carried out this season.

"We believe the moment to let new investors come through for HRT Formula 1 Team has arrived," the team management said. "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."

Thesan originally bought the team for around $30m. HRT's 2012 budget is around $46m according to Formula Money estimates, while in comparison the top teams are running on budgets of around $300-400m.

A report in El Confidencial claimed that the team will be dissolved if it does not find a buyer by December 2, but the team refused to comment on the claim when contacted by ESPN.

© ESPN Sports Media Ltd.

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