Abu Dhabi company set to buy Toro Rosso

Falcon Private Bank sponsorship on the Scuderia Toro Rosso STR6 front wings. Formula One World Championship, Rd 5, Spanish Grand Prix, Preparations, Barcelona, Spain, Thursday 19 May 2011.

Falcon Private Bank sponsorship on the Scuderia Toro Rosso STR6 front wings

May 31 (GMM) Toro Rosso, Red Bull‘s second Formula 1 team, is in the process of being sold to a Abu Dhabi government’s investment firm Aabar.

We reported last week rumours the Abu Dhabi government, already part-owning the Mercedes GP team through the investment vehicle Aabar, might be looking to buy another F1 team.

The rumours were triggered by Aabar’s recent sponsorship of Faenza based Toro Rosso, originally Minardi, through its Swiss bank Falcon Private.

Spain’s AS sports newspaper said Abu Dhabi, through its International Petroleum Investment Company (IPIC) and Spanish oil brand CEPSA, will indeed take over Toro Rosso “imminently”.

IPIC chief Khadem Abdulla Al Qubaisi was seen in attendance at the most recent Spanish and Monaco Grands Prix.

The report said the team’s cars will eventually be re-liveried in the red and white colours of CEPSA which have a long history of motorsport involvement, and have been particularly active in backing talented Spanish motorcycle riders.

AS reported that the deal “should be done during this season”, but the first step has already been completed in the form of a sponsorship with IPIC’s Falcon Private bank.

The move could be good news for Jaime Alguersuari’s future, as Madrid based CEPSA is obviously keen on having a Spanish driver in the cockpit.