If Thesan want to better-establish the team in Spain, then they need to find an existing team in Spain to make an alliance with. Most people will suggest EPIC Racing (nee Epsilon Euskadi), but I think a better team to work with would be Addax Team and Alejandro Agag. Addax compete in GP2 and GP3, which run parallel to Formula 1, and they are based in Valencia with Ricardo Tormo as their home circuit - which happens to be one of the more-popular testing circuits for Formula 1. Joining with Addax would give Hispania a direct line to talent in the lower categories, especially since the Addax GP2 team is one of the most competitive.
As for Agag, he knows Bernie Ecclestone and Flavio Briatore through their purchase of the Queens Park Rangers. His father-in-law was the Prime Minister of Spain until 2004, and sits on the board of directors for News Corporation. So he has sporting, business, political and media connections to his name, connections that would help Hispania immensely.
On the other hand, EPIC Racing has virtually nothing. They've been in decline in the World Series By Renault since Robert Kubica won the title in 2005, their base in Basque Country is nowhere near any premier racing facility, and their applications for entry to the Formula 1 grid have been rejected twice. Indeed, there was talk that their second entry was never actually intended to be successful, but to draw attention to the team as they looked for new investors when they became EPIC.
