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HRT in liquidation

It seems all but certain now that there will be only 11 teams on the Formula One grid in 2013, after Sky Sports reported today that HRT began to liquidate assets in November. The struggling Spanish team was put up for sale before the season-ending Brazilian Grand Prix by owners Thesan Capital, but has not managed to secure a buyer.

The news comes after Formtech Composites, a supplier of carbon fibre components to many Formula One teams, revealed that it had agreed payment terms with Thesan Capital for debts owed by HRT without being informed that the team had begun the process of liquidation three days earlier.

With the team’s assets being sold, it seems impossible that HRT will be able to make the grid in 2013 even if a buyer can still be found. Considering how little time remains before the first pre-season test starts on 5 February, it also seems impossible that the FIA would be able to go through the process of allowing another team to enter. There will therefore only be 11 teams on the grid next season.

Although HRT spent their three seasons in Formula One at the back of the field, they did manage to attract some fans, particularly in Spain, where the team is based. Those supporters will be disappointed to see their team disappear from the grid, particularly after the team recovered well from a disastrous start to the season and was able to compete regularly with the Marussia team during the middle part of the season.

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About Chris Cameron-Dow

I'm fanatical about racing. Driving, watching, following, analysing, everything.

6 responses to “HRT in liquidation”

  1. Andrew Clark says :

    Great pit crew-shame!

    • Chris Cameron-Dow says :

      Yes, they really did have a decent pit crew. Pit stops weren’t bad at all, and any failures on the car were related to the construction or of the components, rather than the work of the pit crew. Hope those guys find jobs in the other teams.

  2. Richard says :

    Without doubt, hard triers. I willed them to do well but to no avail.

    • Chris Cameron-Dow says :

      The Formula One community in general seems quite sad to see them go. While the results were not there, the team obviously pushed as hard as possible, and they had some well respected team members. De la Rosa has been around in Formula One for a long time, and Karthikeyan has never really had the chance to prove himself in a good car, which just adds to the tragedy that is HRT’s departure.

  3. Andrew Clark says :

    I Agree, in fact it make you wonder how they kept it all going towards the end without funds…

    • Chris Cameron-Dow says :

      It shows the amazing spirit in the team – particularly in Brazil when the team was already starting to liquidate, the race team pulled together and got both cars to the finish. That by itself is remarkable.

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