Caterham ‘not for sale’ says Tony Fernandes

By Community | May 28, 2014

Malaysian businessman Tony Fernandes has denied reports he has put his Caterham Formula 1 team up for sale.

Reports emerged over the Monaco Grand Prix weekend that the F1 team, symptoms | plus the associated Caterham sportscar business also owned by Fernandes, were up for sale for the princely sum of $638 million.

However, a statement from the team on Tuesday refuted the claims, and that “the reports circulating this weekend are factually incorrect.”

“Caterham Group is not for sale,” Fernandes is quoted as saying in the statement, while admitting that the company is also chasing additional investment.

“We love what we build and we are always looking for further investment. This is no different to how we started AirAsia.

“Yes, we are constantly challenging ourselves and making decisions on everything from the structure to projects within the Group.

“That is normal business. That does not mean we are selling.”

The Caterham team arrived in Formula 1 in 2010, then known as Lotus Racing, as one of two brand new teams on the grid, but has struggled to escape the tail of the field.

Now in their third season of competing, the team has still yet to score a world championship point. Their best finish is a pair of 11th places, the most recent by Marcus Ericsson just last weekend.