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Investment firm takes control of HRT

ESPNF1 Staff
July 4, 2011 « Updates must produce results - Barrichello | »
A controlling stake of HRT has been sold to Thesan Capital © Getty Images
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Spanish investment company Thesan Capital has acquired a controlling stake in HRT.

A press release said Thesan had reached an agreement with Jose Ramon Carabante to take over the majority of the shares and "will lead the development of Hispania Racing in the upcoming years." It added that Thesan would not change the current team and directors, but would look to build a permanent base for HRT in Spain.

Thesan set up a "Special Situation Fund" (basically an equity fund) in 2008 with backing from Japanese bank Nomura to invest in undervalued opportunities in the Iberian market. The press release added: "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."

Carabante took full control of the team ahead of its first season in 2010 after its founder Adrian Campos withdrew his involvement. Reports on Monday morning put the value of the team at $30 million, but the ABC newspaper quoted Carabante as valuing HRT at between "50 and 70 million".