Caterham F1 team sold: 'F1 hasn't worked' - Fernandes

Tony Fernandes today sold his struggling Caterham F1 team

By John Mahoney

Motor Industry

02 July 2014 16:04

Caterham Group has announced it’s sold Caterham F1 to a consortium of Swiss and Middle Eastern investors.

Caterham cars is not part of the sale.

In a statement issued today, the sale of the team was said to allow the Caterham Group to focus on its ‘core activities’ that include the British car maker.

Caterham F1 team has struggled to come to grips with a huge raft of technical changes in 2014 that has included the introduction of new hybrid powerplants and after eight races is still yet to score a single constructor’s point.

The Caterham F1 team’s future was thrown into the balance last week when Caterham group owner, Tony Fernandes, tweeted: 'F1 hasn’t worked, but love Caterham Cars.'

According to news reports, the team will continue to race under the Caterham name with the consortium of investors advised by former Midland and HRT team principal Colin Kolles.

The team itself will be managed by former Dutch F1 driver, Christijan Albers, who has been appointed to run the team.

Speaking to the BBC about his new role Albers said: 'We are aware of the huge challenge ahead given the fight at the bottom end of the Championship.'

The loss of the prestigious F1 team is yet another blow to Caterham cars following the recent collapse of the Renault-Caterham deal to create a sports car.

While Renault has announced it will continue its plan to revive its famous ‘Alpine’ brand with a sports car in 2016, it’s unknown if Caterham will continue solo to produce its own model to complement the Seven.

By John Mahoney