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HRT buys former F1 team Toyota UPDATE (GMM)  A formal agreement has finally been reached between HRT and Toyota Motorsport, according to a German media source.

Auto Bild claims that after long negotiations, officials of the struggling Spanish team - now with the financial backing of former Telefonica president Juan Villalonga - have inked a deal with Cologne based Toyota.

The details of the arrangement are not known, but it is expected to involve the use of the design of the TF110 car, which was penned last year but never raced because Toyota's Japanese parent pulled out of F1.

It is believed the car has been further developed in recent months to keep it up to date with its potential competitors.

HRT has already agreed to use Williams' gearbox in 2011.

10/28/10 (GMM) HRT has reportedly bought Japanese carmaker Toyota's former formula one team. The new Spanish team has struggled with its Dallara-built car and a lack of development in 2010.

It was initially believed that Hispania Racing, bought by Jose Ramon Carabante from Adrian Campos before the start of its debut season, had agreed a deal to base its 2011 car on the unraced Toyota TF110.

It is for this reason, according to paddock speculation, that Toyota Motorsport only made available its 2009 car for Pirelli's tire testing program.

It has been subsequently reported that HRT could buy hydraulic systems and gearboxes from the British team Williams for 2010.

But Auto Motor und Sport, citing "reliable sources", reports that HRT has bought "the expertise, equipment and facilities" of Toyota's Cologne based team.

At the same time, the magazine notes rumors that Hispania is behind in its payments to engine supplier Cosworth.

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