The Hispania Racing outfit has been sold to Japanese investment bank Nomura, according to reports in the Spanish media.
The team, which is owned by Spanish businessman José Ramón Carabante, has been struggling financially ever since its inception at the start of the 2010 season.
El Banco Popular, a Spanish bank, took a share in the team in return for finance to keep it afloat for the 2011 season, however the lack of sponsors has meant the team is falling further into debt.
A sale price of €24 million (£21.6m) has been reported, considering the outfit operates from team principal Colin Kolles base in Germany and has very few assets, other than two cars and parts, such a figure seems accurate.
It is believed the sale will be announced on Monday and the outfit will remain under the Hispania Racing banner for the short-term future.
