Hispania team boss convicted of fraud

Jose Ramon Carabante – the majority owner of F1 2011 back marker Hispania Racing (HRT) – has narrowly avoided a jail term after being convicted of fraud, reports in the Spanish media have revealed.

Sports newspaper Marca claims that Carabante was involved in the sale of land back in the late 1990s, upon which the promised construction of homes never materialized. According to SPEED.com, the 59-year-old Spanish businessman was a director of the land development company, and as such, charged with signing the contracts and looking after the financial aspects. He was sentenced to three months' imprisonment by a court in Cádiz, but for undisclosed reasons, will reportedly not have to serve time.