Abu Dhabi buying Toro Rosso through Spanish bank - report

Toro Rosso, Red Bull’s second formula one team, is being sold.

We reported last week rumours the Abu Dhabi government, already part-owning the Mercedes team through the investment vehicle Aabar, might be looking to buy another team.

The rumours were triggered by Aabar’s new sponsorship of Faenza based Toro Rosso, originally Minardi, through its Swiss bank Falcon Private.

Spain’s AS sports newspaper said Abu Dhabi, through its International Petroleum Investment Company (IPIC) and Spanish oil brand CEPSA, will indeed take over Toro Rosso "imminently".

IPIC chief Khadem Abdulla Al Qubaisi was seen at the most recent Spanish and Monaco grands prix.

The report said the team’s cars will eventually be re-liveried in the red and white colours of CEPSA.

AS said the deal "should be done during this season", but the first step has already been completed in the form of a sponsorship with IPIC’s Falcon Private bank.

The move could be good news for Jaime Alguersuari’s future, as Madrid-based CEPSA is thought keen on having a Spanish driver at the wheel.