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HRT up for sale

NEWS STORY
12/11/2012

Thesan Capital, which owns the HRT racing team, has announced that the outfit is up for sale, indicating that it is already in talks with a number of potential buyers.

A statement on the HRT website 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.

According to the HRT Formula 1 Team management, "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."

The news comes at a time when several others are known to be struggling financially, Caterham having taken a £5.7m loan from a Malaysian bank, while business editor Chris Sylt recently revealed that Marussia is in talks with a number of investors.

A recent report in the Spanish media claimed that HRT will be dissolved if a new buyer cannot be found by December 2, but the team refuses to comment on the claim.

Spain's El Confidencial claims that 30 employees (out of 80) have already been made redundant (under a scheme for bulk layoffs called ERE). Between 10 and 15 of these were only hired last summer for the Technical Office but haven't been able to work due lack of resources.

Banco Popular, which is believed to be the 'real' owner of the team, is one of several Spanish banks currently up against the wall and needing a hand-out from Europe if they are to survive. However, one of the conditions of the European Central Bank is that Banco Popular has to offload any non-profitable and/or non-feasible business ventures, including F1 teams.

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