Korean Company Interested in Buying Into Hispania F1

Hispania Racing's team owner Jose Ramon Carabante has been approached by a Korean consortium to sell a stake in his Formula 1 team. The information was revealed by, whose report states that “the amount requested by the Spanish businessman is apparently quite high.” Also, the name of the Korean company was not disclosed.

The idea of selling part of his F1 team to an external investor is not new to Carabante, as the Spanish businessman recently admitted that he would be willing to do that as long as he'll maintain some share in the team. Additionally, he said he wouldn't mind switching to a minority stake owner.

We are talking with investors but what I don't want is to sell the team and disappear,” said Carabante in a recent interview with Cadena Ser radio in Spain. “It's OK if someone comes with an offer to have the majority and I'm left with a stake.

Right now there are teams worth 40, 60, 70 million euros, depending on how you finish the championship. There are twelve teams and we are one of them,” he added, hinting that selling majority in his team will not come cheap for the interested parties.

Carabante purchased his current F1 organization from Adrian Campos, whose Campos Grand Prix failed to prepare adequately for its debut in the Great Circus in 2010. The newly formed Hispania Racing F1 Team finished last year's campaign in 11th place, ahead of fellow newly entrants Virgin Racing.

However, having struggled with financial difficulties throughout the winter, Hispania was unable to develop a competitive car for the season opening Australian Grand Prix, and failed to make it past the qualifying on Saturday. In Malaysia however, the Spanish squad will debut a newly-spec front wing, which team officials think will help both Vitantonio Liuzzi and Narain Karthikeyan make it to the grid.

We know that the car has potential and we hope that we will be able to get all updates on the cars,” recently said team principal Colin Kolles. “The 107 percent (rule) should not be an issue under normal circumstances.”
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