Caterham Formula 1 sold before the start of British GP

by **Cals** Wed 02 Jul 2014, 01:59

Business & Markets 2014

Written by Cynthia Blemin of theedgemalaysia.com in Tokyo

Tuesday, 01 July 2014 12:00

TOKYO (July 1): The Caterham Formula 1 team has been sold, according to a source close to the deal, confirming a report by the Edge weekly in May this year.

Speaking on condition of anonymity, the source told thededgemalaysia.com that Caterham would make an announcement on the deal this week.

Rumours had been rife that the future of the F1 team was expected to be resolved before the British Grand Prix, as its owner Tan Sri Tony Fernandes was close to a deal to sell the outfit.

The Edge weekly in its report had said that Fernandes’ Caterham Group — which is built around Caterham Cars, the British sports car maker he acquired in 2011 — could be up for sale at a price tag in excess of £350 million (RM1.8 billion).

The source said the announcement would be made before the Caterham team arrives at Silverstone for this weekend British GP.

Fernandes had declared before the start of the season that unless the Leafield-based team made significant progress this season, then he would likely severe his ties with it.

“If we’re at the back, I don’t think I’m going to carry on. Nothing is set in stone, but after five years with no points, there is a limit to one’s patience, money and motivation, so it’s an important year,” Fernandes told the media in January.

He had entered the F1 scene with the name Lotus Racing in 2010. But by end-2011, after a legal dispute with Proton’s Group Lotus, the team applied to change its name from Lotus Racing to Caterham for the 2012 race season after Fernandes acquired the British sports car team.

The team has had a tough time on track, and is currently at the bottom of the F1 constructors' championship.

Speculation that a deal was close intensified on Friday, as shortly before closing down his official Twitter account, Fernandes had suggested that he gave up on the F1 project.

"F1 hasn't worked, but love Caterham Cars," he declared.