Hispania Racing, and Italian chassis manufacturer Dallara Automobili S.p.A have agreed on amicable terms not to pursue their collaboration. The decision follows talks held over the last few months about the future of their collaboration.

A statement issued on Wednesday morning reads:

The two partners have experienced a challenging start to the 2010 season, where everyone at Dallara Automobili S.p.A worked extremely hard in a fight against time to be ready for the season opener at the Bahrain International Circuit. Their persistent and determined efforts paid off as HRT F1 Team, Hispania Racing, pulled up to the starting line of the 2010 Formula 1 Gulf Air Bahrain Grand Prix ready to go.

The whirlwind of pre-season activity at the Italian chassis constructor Dallara Automobili allowed the team, formerly known as Campos Meta 1 prior to its acquisition by Jose Ramon Carabante in February 2010, to meet its tight deadline. Since its inaugural race HRT F1 Team, Hispania Racing, has completed six rounds of the 2010 Formula 1 World Championship despite the fact that in all this time no further chassis development was made by Dallara.

The collaboration, deemed by many to be an impossible task, resulted in the creation of the team's Cosworth V8 powered 2010 Formula 1 World Championship chassis, the F110, which was the very first car to be produced in the colours of HRT F1 Team, Hispania Racing.

Following the completion of six rounds of the 2010 Formula 1 World Championship, HRT F1 Team, Hispania Racing, and Dallara Automobili S.p.A have agreed that what they have achieved in such a short period of time was more than could have been reasonably expected. The two parties wish each other the best of luck in all future endeavours.

HRT F1 Team, Hispania Racing will continue to develop and improve the Dallara designed F110 chassis via its own development program.

The details as to the outstanding terms of their business agreement remain confidential, and no further comment will be issued.