Spanish firm buys Hispania Racing

Updated: July 4, 2011, 3:12 PM ET
Associated Press

MADRID -- Investment firm Thesan Capital has bought Spanish Formula One team Hispania Racing.

The Madrid-based company reportedly paid $29 million to buy out owner Jose Ramon Carabante's controlling stake.

Thesan Capital said Monday in a statement on HRT's website that it planned to maintain the current team and directors while looking to "progressively make the team more Spanish and definitively settling the team in Spain."

Colin Kolles leads the Murcia-based team, which has Narain Karthikeyan of India, Italy's Vitantonio Liuzzi and new addition Daniel Ricciardo of Australia as its drivers.

HRT remains without a point in its second season in F1.


Copyright 2011 by The Associated Press