Toyota Cancel Hispania Deal Following Non Payment Of Fees
The financial security of Formula One minnows Hispania Racing is once again being called into question tonight following a statement that was released late this evening by the Toyota Motorsport Group.
Toyota, a former Formula One team who left the sport at the end of 2009, were in a deal to sell Hispania their un-raced 2010 prototype Formula One car and offer other technical assistance to the team, who featured no less than 4 drivers over the course of this season.
However the deal is now off as Hispania have not paid the Toyota Motorsport Group any of the installments required. Their financial security has been called into question repeatedly over 2010, but team boss Colin Kolles recently said they were totally safe.
“Toyota Motorsport GmbH (TMG) confirms that all cooperation with Hispania Racing F1 Team (HRT) has been terminated and will not resume,” said the statement.
“TMG retains all intellectual property rights to its current F1 car and is completely free to pursue other projects and support new customers for its high-performance engineering services.
“TMG regrets that HRT has not met its contractual payment obligations and will pursue all available options to reach a satisfactory conclusion to this matter.”