The HRT Formula 1 team is reported to have been sold to Japan’s merchant bank Nomura by the Banco Popular, which controls the shares of the operation, which were pledged by Jose Ramon Carabante when he borrowed the money to run the team. The news has been confirmed by several sources and is believed to involve around $35 million. It remains to be seen what happens next in terms of the day-to-day running of the business but the bank is unlikely to be too keen on leaving things in the hands of the Carabantes. The news is expected to be confirmed on Monday.

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