Struggling Caterham team sold to a consortium of Swiss and Middle-Eastern investors.
A spot of Formula One news for you. Caterham owner Tony Fernandes has confirmed the sale of its Formula One team to a consortium of Swiss and Middle-Eastern investors.
The deal will see the new owners continue to use the Caterham name under the advice of ex-HRT principal Colin Kolles and leadership of former dutch F1 driver Manfredi Ravetto. Leafield will remain as the headquarters ‘for the foreseeable future’.
Caterham Cars, Caterham Composites, Caterham Technology & Innovation, Caterham Racing (GP2), Caterham Moto Racing Team (Moto2) and Caterham Bikes will remain under the control of Fernandes.
The British manufacturer said the sale would allow Caterham to focus on its ‘core activities’ and ‘continue to see them develop and flourish’.
“We have now secured an exciting new future for the F1 team with Dr Kolles that will allow the Caterham name to remain in Formula 1, giving us all the benefits of that exposure but also allowing us to focus our resources on new Caterham product development whilst leaving F1 to enter an exciting new chapter under the guidance of the new owners,” Caterham Group CEO Graham Macdonald said.
“We will be looking to maximise the benefits of the F1 platform across all our brands, working closely with the new team owners, and our core focus is still on launching the brand new two-seat Caterham Car, a project we will be making more announcements about in due course,” he added.
Caterham entered into Formula One in 2009. It failed to improve on its 10th-place finish for the first three seasons by coming 11th in 2013. A 10th place finish in the 2014 championship, which heads to the British circuit of Silverstone at the weekend, is the current target.
It was hoped strict budget caps imposed by the FIA governing body would allow Caterham to compete. Unfortunately the rule died a death and so the larger resources of its competitors took their toll.
Caterham team principal Cyril Abiteboul has reportedly left the team ‘to pursue new challenges’ at Renault Sport. Caterham Cars, meanwhile, recently unveiled its rather mad-looking AeroSeven concept.