Hispania put up for sale

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HRT has been put up for sale by its owner, José Ramón Carabante, Spanish newspaper AS reports. The team finds itself in troubled waters after the deal with Toyota failed to materialise due to financial problems.

All that HRT have now in place are an engine and a deal with Williams to use their gearbox. Alltogether a pretty solid package, but without a decent chassis that won't get the cars far up the grid next year.

Realising the problem, Carabante has put the team up for sale, judging it as the only way out.

The arrival of Juan Villalonga has served to revive the negotiations for the sale of the rights of the Grand Prix team, contacting different groups of investors, mainly from the U.S. (including a leader in new technologies) and South America.

The Malaga-born businessman has invested up to 20 million euro into the project, hoping that it would take Hispania forward into a more favourable economic climate of 2011. Unforunately for him, the Toyota negotiations collapsed, and little options remain for 2011.