HRT for sale

[Greem]

(From AS, in Spanish)

http://www.as.com/motor/articulo/equ...asdasmot_6/Tes

Google Translate says:

The fund TC II Sarl., Current owner of the Formula One Spanish team HRT F1 Team today confirmed that "currently holds talks with several groups interested in buying the team."

[Bononi]

No surprises, it took so long.

[chillibowl]

the surprise for me is that several groups are interested!

seriously though, i hope they find a buyer but considering the current economic climate buying an F1 team located in Spain sounds like a hard sell.

[Greem]

...and apparently if they're not sold by December 2nd, the team will be dissolved.

Again, Spanish: http://www.elconfidencial.com/deport...gencia-109089/

[chillibowl]

just going from the translation of the last link you posted Greem, but is yourtake on the translation also that Banco Popular actually owns the team? if it is the bank that owns it i cant imagine their goal is to keep the team operating in F1.

i guess it wont change things much and had a sense of inevitability but still sad imo.

to draw a connection to other sports (and maybe this is too far off topic), in the NBA and NHL they each had teams recently where the league itself assumed control to prevent bankruptcy or relocation. there is a value in all teams in terms of the show and was wondering if anyone had an opinion on whether or not FOM has a responsibility to step in and keep teams from going under?

[Greem]

From what I can glean from a number of sources the bank is a major shareholder in a managed fund which controls the team - an investment fund of sorts. If it's the sort of fund which needs investments to go up (as we all want) then piling money into an F1 team is not a good investment so it looks like they want to realise their assets (or cut their losses) by selling up.

As for comparing to the NHL or NBA or other franchised operations of that sort I wouldn't think FOM would be remotely interested in helping HRT out. In your example the franchises have a long history and the name is important - unfortunately HRT have a short history and have not been very successful. I dare say there are regulars on Tenths who would be more than happy to see them disappear from the F1 grid.

Just another example of the financial bias towards the grandee teams, really.

From an investment perspective the old gag rings true: to make a small fortune in motorsport, start with a large one.

[chillibowl]

hopefully the bank chooses to sell up rather than sell out to get what they can for those assets...which may or may not include a brand new F1 factory in Spain which may or may not make more than toasters.

thats a good point about the history of the franchises involved. iirc FOM has in the past given prize money early to Williams too help them out in difficult financial times and also possibly Renault once maybe. although that might have also involved them to signing a concord agreement early but again those are two very storied F1 franchises and deserve more consideration then HRT.

i guess i would just like to see FOM do more to help the smaller privateer teams.

[Marbot]

In English: http://www.gpupdate.net/en/f1-news/2...ale-by-owners/

They haven't signed up to the new concorde agreement, nor have they been made any kind of offer by which to base the continuation of their existence on, with regard to pay outs from Bernie. So, any new ownership would need to take that into consideration before making a large fortune become a small one.

EDIT: Anyway, where better to announce that you are for sale than in the U.S.A.

USF1 beckons!

[Bononi]

Originally Posted by Marbot

EDIT: Anyway, where better to announce that you are for sale than in the U.S.A.

USF1 beckons!

All they need is to make a new livery and put the US flag.

[Marbot]

Originally Posted by Bononi

All they need is to make a new livery and put the US flag.

I don't think that's all they need do, but I get the picture.

It's another one of those 'chance in a life time' moments for anyone wanting to dive in amongst the 'Pirahna's'.

[wolfhound]

I think Joe Saward has hit the nail on the head with HRT. He expects 11 teams in F1 next year and I agree with him.

http://joesaward.wordpress.com/2012/...-not-to-do-it/

[Paradise City]

Originally Posted by chillibowl

the surprise for me is that several groups are interested!

'Taking an interest' is a cheap thing to do. The question is how many are serious.

[steve_r]

No HRT = Caterham and Marussia looking even worse next year.

[littleman]

I'd rather buy Comet.

Sold for £2 last time!

[GTRMagic]

Originally Posted by Bononi

All they need is to make a new livery and put the US flag.

And a bloody big toaster oven for Mr Baguette

Is Mr Windsor still available?

UsF1 Does Youtube

[Bononi]

Originally Posted by GTRMagic

And a bloody big toaster oven for Mr Baguette

Is Mr Windsor still available?

UsF1 Does Youtube

I almost forgot abou this !

[davyboy]

Originally Posted by steve_r

No HRT = Caterham and Marussia looking even worse next year.

Given the amount of money each has 'invested' in F1, perverse as it is, you'd have to say that HRT have probably achieved most out of the three of these... which is a pretty terrible indictment of the other two. Caterham have been the biggest disappointment.

[Marbot]

Originally Posted by davyboy

Given the amount of money each has 'invested' in F1, perverse as it is, you'd have to say that HRT have probably achieved most out of the three of these... which is a pretty terrible indictment of the other two. Caterham have been the biggest disappointment.

Well, if we're going to have it as amount of money spent on overall performance over the last 3 years or so, then you would have to look at one or two of the teams higher up the grid to find a far worse return than either of the 'new' teams have managed.

[davyboy]

Originally Posted by Marbot

Well, if we're going to have it as amount of money spent on overall performance over the last 3 years or so, then you would have to look at one or two of the teams higher up the grid to find a far worse return than either of the 'new' teams have managed.

Yep... you're not wrong there !

[GTRMagic]

Are prodrive kicking the tyres on this one?

[wnut]

Originally Posted by Marbot

Well, if we're going to have it as amount of money spent on overall performance over the last 3 years or so, then you would have to look at one or two of the teams higher up the grid to find a far worse return than either of the 'new' teams have managed.

Althiugh you are kind of dividing by 0

[mythoughtsareracing]

I will offer them US$5.00 while in Austin...

[BertMk2]

Originally Posted by GTRMagic

Are prodrive kicking the tyres on this one?

I wouldn't have thought so - if they still want to get into F1 I'd have thought they could look closer to home for a team to buy or buy into. HRT aren't the only ones that need money or are for sale - Marussia (located pretty much next door to Prodrive), Caterham, Force India and Lotus would all probably be up for grabs if you were serious enough. HRT is the least attractive option - in reality the only thing they have that's worth anything is the entry. The facilities are in effect worthless - if you bought the team you'd need to relocate to 'motorsport valley' otherwise you'd have the same problems recruiting staff that HRT have now.

[Marbot]

Originally Posted by GTRMagic

Are prodrive kicking the tyres on this one?

They can't afford tyres.

Prodrive were never going to come into F1 unless it was via customer cars or a £40 million budget cap.

Current chance that Prodrive will enter F1 = 0

[davyboy]

Originally Posted by Marbot

They can't afford tyres.

Prodrive were never going to come into F1 unless it was via customer cars and a £40 million budget cap.

Current chance that Prodrive will enter F1 = 0

Just needed to make a slight correction there... and David Richards is absolutely right on that. The current situation is ridiculous... as borne out by success of the 'new' teams.