THE owner of Hispania Racing Team, José Ramón Carabante, sold his team to the Japanese investment bank Nomura Spanish website AS.com reported.

Official confirmation is yet to be released, but it is believed the team was sold for the equivalent of $32 million.

HRT have had a tumultuous season in 2011, beginning with their failure to qualify for the season-opening Australian Grand Prix in Melbourne.

West Australian rising star Daniel Ricciardo was given a race drive with HRT from the British Formula One Grand Prix onwards, replacing Indian driver Narain Karthikeyan.

Karthikeyan will resume driving duties once more in 2011, racing in front of his home crowd at the Indian Grand Prix.

The deal is not expected to immediately affect the running of the team, with both it's team name, and driver line up likely to remain the same.

Meanwhile, Jenson Button was expected to climb aboard a McLaren at the Goodwood Festival of Speed on the weekend, but decided to sit out the demonstration due to a knee injury.

Crash.net has reported Button decided not to drive at Goodwood after sustaining a small bump to his knee while filming a pre-race feature for BBC on a Jet Ski.

The 2009 Formula One world champion was left to watch as teammate Lewis Hamilton thrilled the crowds with a display of burnouts and speed aboard his McLaren.

The Briton did take to the track in the new McLaren MP4-12C road car, and insists the injury will not hamper him at the British Grand Prix in Silverstone on July 10.