Juan Villalonga - one of the most influential Spanish businessmen of the 21st century - has joined the Hispania Racing Team, alongside owner and president Jose Ramon Carabante.

As soon as the agreement was made, both parties said that the partnership has been established to reinforce the team, create and strengthen the project of the first ever Spanish Formula 1 team. The immediate aim, following the recently announced agreement with Williams, is to be able to have a much more competitive team. Carabante and Villalonga subsequently met Bernie Ecclestone to explain the project and the future of Hispania Racing.

Juan Villalonga was a pioneer in the sponsorship of Formula One in Spain during his time as President of Telefonica and, as Carabante said, "he has always felt, as I do, a clear passion for motorsport".

"We will substantially strengthen our ability to generate innovative activities in marketing and sponsorship with his incorporation," he continued. "We will also be able to make the best of his leadership, knowledge and relationships in the fields of technology and communications, and therefore be able to fully exploit the opportunities we are given after this tough first year. Talking in mathematical terms, this is a sum that multiplies and enhances our ability to grow as a team".

"Formula One is always associated with innovation, research and technology," said Villalonga, "and Hispania must be represented on that level, with a stable leadership".

Aware of the huge investments required to have a competitive team, Juan Villalonga stressed that for him, "the key is the quality and not the quantity of sponsors", and that his immediate goal is to help "develop new relationships with them, leading to the creation of more value for all implicated parts".

Villalonga's high-profile career includes such prominent positions as CEO of Telefonica (1996-2000), partner at McKinsey & Company (1980-1989), CEO for Credit Suisse First Boston (1993-1994), and CEO of Bankers' Trust in Spain (1995-1996).

He helped take Telefonica from a state-owned monopoly to one of the top three telecommunication companies in the world. In just four years at the helm, he increased Telefonica's market cap by $127 billion, securing the company's leadership position in Spain and transforming Telefonica into an international telecommunications force. His decision to enter in Brazil in 1998 was key to become one of the leading operators in the world.