Carabante sells Hispania team to Japan’s Nomura

Jose Ramon Carabante has sold his formula one team HRT, according to Spanish media reports.

AS and ABC newspapers, as well as Cadena Ser radio, say the Spanish team has been bought by Japanese industrial and financial group Nomura.

Some insiders report the buying price as $30 million, but ABC quoted Carabante as valuing Hispania Racing at between "50 and 70 million".

AS sports newspaper said the sale, with HRT to retain its current name, was finalised last Friday and handled by the bank that controls Carabante’s corporate assets.

Cadena Ser said Carabante’s son is expected to emerge with a prominent management position as a result of the transaction.

An official announcement is expected early this week.