Fresh investment in HRT is close - Carabante
HRT made it to the grid in 2010 but owner Jose Ramon Carabante has bigger ambitions for 2011 © Sutton Images
HRT's owner Jose Ramon Carabante insists he is close to a deal to bring fresh investment to his team.
Carabante bought a majority share in HRT from Adrian Campos before the start of last season and the investment allowed the team to make the grid in 2010. However, the car was rooted to the back of the grid due to a lack of development and, ultimately, money. Carabante has been saying for some time that he is close to a deal with a major investor but so far it has failed to materialise.
"We are in advanced negotiations for the entry of an international investor," Carabante told Spanish newspaper Expansion. "It would be for a minority of capital because I don't want to sell completely."
On Thursday HRT signed Narain Karthikeyan as a driver for 2011 with the financial backing of Indian car giant Tata. Carabante said HRT exceeded most people's expectations last year so there is no reason to write it off this year.
"We finished more races than many other teams, and Virgin, for instance - with a much higher budget - fell behind us," he said. "At first it was said we would not be at the first race, then it was said we would last two races, then three, and finally we finished the season with dignity."
Meanwhile, a Spanish arbitration court has ruled that Carabante owes almost €50 million to Trinitario Casanova, from whom he bought the Grupo Hispania property company in 2008. The payment dispute emerged last July, with each claiming the other owed them multiple millions.
According to the La Verdad newspaper, the Madrid commercial court, La Corte y Mercantil de Arbitraje, ruled a few days ago that Carabante pay €47.5 million to Casanova within 20 days. However, Carabante played down the story while talking to Expansion.
"Trinitario and I came to an agreement before [the ruling]."
Credit: ESPN F1 (espn.com)
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