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Hispania Racing confirms F1 buyout
4 July 2011
Struggling F1 tailender Hispania Racing (HRT) has confirmed that it has sold a majority share to Spanish venture capital firm Thesan Capital.
An official statement released by the team today (Monday) detailed how Thesan Capital has acquired 'a significant shareholding' in HRT from José Ramón Carabante in a move that will make it the controlling stakeholder.
'The objective of Thesan Capital is to develop its strategy to grow in a market with a lot of potential for the upcoming years,' read the statement. 'The Spanish investment group will lead the development of Hispania Racing in the upcoming years, maintaining the current team and directors – which is one of the main assets of the company – and will try to develop and search for opportunities to optimise and improve the performance of the team, alongside progressively making the team more Spanish and definitively settling the team in Spain.
'The Thesan Capital team, who consider the acquisition of Hispania Racing as an opportunity to enter a sector with great prospects of growing, will work with the aim of strengthening the strategic management of the group.'
HRT is the first Spanish team in history to compete in F1 and is currently placed eleventh in the 2011 constructors' standings courtesy of Vitantonio Liuzzi and Narain Karthikeyan. Scuderia Toro Rosso reserve driver Daniel Ricciardo is due to take over from the Indian from this weekend's British Grand Prix at Silverstone.
Japanese banking giant Nomura invested €200 million in Thesan Capital three years ago, with the latter's brief being to use the funds in the acquisition of Spanish companies in crisis.
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