The HRT Formula 1 team has confirmed it is looking for a new owner after being put up for sale by Thesan Capital.
Spanish investment company Thesan took over the team from previous owner Jose Ramon Carabante in July of last year.
Since then the team has moved to a new factory in Madrid, where the Spanish squad has started working from this season with Indian driver Narain Karthikeyan and Spaniard Pedro De La Rosa as drivers.
HRT has been at the back of the grid this year and is currently in last place in the standings.
AUTOSPORT understands the team came close to a sale to a Middle East-based buyer at the end of last month, and that talks are still ongoing.
Thesan said in a statement on Monday that it was time for the team to find a new owner that would help it move forward.
"The current owners of HRT Formula 1 Team, TC II S.a.rl., would like to confirm that they are currently in talks with a number of groups interested in buying the team," said a statement issued by the team.
"HRT Formula 1 Team's current management hopes to conclude the sale in the upcoming weeks and, with it, enable the team to continue progressing and become a reference in modern-day Formula 1 after the important achievements already accomplished in this 2012 season.
"HRT Formula 1 Team hopes to communicate the name of its new owner in the upcoming weeks.
"We believe the moment to let new investors come through for HRT Formula 1 Team has arrived.
"We're very proud of the work done by the entire team and of the excellent sporting evolution achieved but the time has come for the team to continue growing with new financial backing.
"We're convinced that the sporting potential of the team is huge and that the presence of new investors can give it a big boost."
Issue: 204 | Autocar India: August 2016
Access member only content, take part in discussions with comments on blogs, news and reviews and receive all the latest news and reviews straight to your inbox. Join now for free.
Processing registration... Please wait.
This process can take up to a minute to complete.
A confirmation email has been sent to your email address - SUPPLIED EMAIL HERE. Please click on the link in the email to verify your email address. You need to verify your email before you can start posting.
If you do not receive your confirmation email within the next few minutes, it may be because the email has been captured by a junk mail filter. Please ensure you add the domain @autocarindia.com to your white-listed senders.