HRT Financial Struggles Affects Spanish Company

The fact that Hispania Racing F1 Team is struggling financially is no news to anyone, as all reports on the team ran by Jose Ramon Carabante this year have been nothing short of pessimistic. And the latest news coming from Spain fails to make an exception, only this time it seems that another party is to suffer from HRT's near-bankrupt situation.

According to a report from Spain's AS newspaper, Cec-SA company is now navigating in uncharted waters (financially speaking) due to late payments from Hispania's F1 organization. Apparently, Carabante's team is yet to pay up on a verbal agreement regarding the order of three new transporters from the aforementioned company more than a year back.

In fact, it seems that the agreement was reached back when the team was still owned by Adrian Campos – and was named Campos Grand Prix. However, after the squad was purchased by Carabante, the Spanish businessman assured Cec-SA boss Victor Mendez that the trucks will be paid for in due time.

We had a first meeting with (new owner) Jose Ramon Carabante, who assured us he would fix everything,” said Mendez, according to AS. The company reportedly spent around EUR300,000 on building the 3 transporters. “For a family business like ours this is a heavy burden,” he added.

But from then we had meeting after meeting, the last a few weeks ago at the Montmelo test, and no solution is reached. We have nothing signed, but plenty of documentation that proves everything was commissioned by them (HRT).”
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories