Korean businessman interested in HRT as Jose Carabante says no to complete sell-out – Formula 1 news
Recent reports reveal that a Korean businessman is interested in buying the Formula 1 team, Hispania Racing Team.
Initial reports are that the price is being negotiated between the Korean and HRT owner, Jose Ramon Carabante. However, Carabante has denied that it will be a complete sell-out and said that only shares will be offered.
HRT were reported to have a low budget and were criticised by Bernie Ecclestone that they would give up on F1 hopes as it was the ‘sport of the rich.’ Carabante admitted himself recently that HRT are low on budget and are still finding some more sponsors
for their 2011 car, F111. This Korean businessman has come out of the blue to help the struggling HRT team to remain in the F1 arena.
However, Carabante has denied a complete sell-out saying, “We are talking with investors but what I don't want is to sell the team and disappear. It's ok if someone comes with an offer to have the majority and I'm left with a stake.”
Carabante said that after seeing his drivers, Narain Karthikeyan and Vitantonio Liuzzi perform in Melbourne. Both drivers were unable to qualify for the race after falling seconds short to the new 107 percent qualifying rule.
Carabante added that out of 12 Formula 1 teams, HRT are not less than any other competitor.
“Right now there are teams worth 40, 60, 70 million Euros, depending on how you finish the championship. There are twelve teams and we are one of them,” he said.
HRT promised to give a good performance as their new front wing design has been approved by the Formula 1 authorities and will be used in the new cars. Carabante said that the team will perform well in the Malaysian Grand Prix and will finally start their
2011 season by Qualifying on Saturday.
The Malaysian Grand Prix starts from the Free Practice session on Friday and HRT drivers will have to put some mileage on the new car, F111, so that it can last the whole race distance in the high temperature Sepang race.
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