Caterham F1 Given to Administrators

By Community | October 24, 2014

Administrators have taken hold of the Caterham F1 Team which may allow the outfit to participate until the end of the season. 

After a number of statements and responses between buyers Evangest SA and owner Tony Fernandes, Caterham’s factory was closed on Thursday as administrators sought an agreement with 1 Malaysia Racing Team. 

In a statement from the team on Friday, it was announced that a meeting on Thursday night had resulted in the administrator taking control of the team’s management in the hope it can then continue to race in Austin, Brazil and Abu Dhabi. 

“Following a request of yesterday evening at 21.55hrs CET from Caterham Sports Limited’s administrators and the legal advisors of Mr Tony Fernandes’ related EXIM Bank, representatives of 1MRT/Caterham F1 Team have agreed, with all rights reserved, to hand-over management of the Caterham F1 Team to the administrator Mr Finbarr O’Connell in the higher interest of allowing the team to continue operating and preparing for the next events,” the statement read. 

Evangest has claimed it had paid for the team but Fernandes had failed to deliver shares, making him the current legal owner. However, Fernandes claims the buyer has not met all of the obligations agreed at the time of sale in June.