Professional racing driver and entrepreneur Peter Hardman has confirmed that he is making plans to hand over the reins of Strakka Racing and that he is in negotiations with an 'undisclosed' buyer.

Strakka Racing was formed in 2005, and back then the plan was to reach the pinnacle of modern Sportscar racing - the Le Mans 24 Hours- in five years, a goal the squad achieved two weeks ago when they took in the event and finished in 21st place.

In just five seasons, under Hardman's leadership, Strakka has grown from running a BMW M3 in Group N, through an ex-factory BMW M3 GTR and an Aston Martin DBR9 GT1, to competing in the Le Mans Series and 24 Hours with an LMP1 Ginetta-Zytek.

"I always had a five-year plan to get to Le Mans with the team, and the fact that we achieved a finish in LMP1 is hugely satisfying," said Hardman.

"It has been a privilege to drive such fantastic cars and to have created a top-notch team that culminated in a finish at Le Mans in LMP1, and which I know will help Nick [Leventis] to continue to reach his goals.

"It has been a very interesting and rewarding experience to teach Nick and watch him grow from novice driver to international Sportscar driver. Given his experience, he has performed exceptionally well at the highest level, and I know he will continue to improve over the coming years.

"[Furthermore] I am very happy knowing that the sale of Strakka will allow the team to continue to grow and my fantastic staff to do the same.

"I am very grateful to all the team members for their hard work, dedication and loyalty over the last few seasons, and especially with regard to our achievements in LMP1 this year."

Under the proposed sale Hardman will stand down as a driver and the team principal at Strakka, which was always his intention once the Le Mans LMP1 goal was achieved.

"I've known Peter since childhood, and he's become part of the family and a close friend," added Leventis, who will continue to compete with Strakka Racing, starting with the next Le Mans Series race in the Algarve in August.

"He has been a tremendous source of knowledge and guidance to me in shaping my driving career, for which I am extremely grateful.

"He has also done a great job in creating a well-respected team and brand in Strakka Racing over the last few years."