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SBD Global/November 13, 2012/Finance

Serious Economic Difficulties Push HRT Owner To Put F1 Team Up For Sale

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The future of Spanish F1 team HRT "is up in the air," according to Javier Rubio of ELCONFIDENCIAL.com. With "serious economic difficulties" as the season gets close to a finish, 32 employees of the team have been told that their services were not needed anymore. Furthermore, HRT owner Thesan Capital, has put the team up for sale with a goal of finding a buyer "before December." If no deal is reached, "it could mean the end of the Spanish team." Thesan Capital released the following statement, "TC II S.a.rl., the current owner of the HRT Formula 1 Team, would like to confirm that they are currently in talks with a number of groups interested in buying the team. HRT's current management hopes to conclude the sale in the upcoming weeks and, with it, enable the team to continue progressing and become a reference in modern-day Formula 1 after the important achievements already accomplished in this 2012 season" (ELCONFIDENCIAL.com, 11/12). MOTORSPORT AKTUELL reported that the team's deadline to find a buyer is set for Dec. 2 (MOTORSPORT AKTUELL, 11/12).
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