Caterham has officially confirmed the sale of its formula 1 team to a consortium of Swiss and Middle-Eastern investors for an undisclosed fee.
Following weeks of speculation, many recently fuelled by a cryptic post on Twitter from co-owner Tony Fernandes, it was announced through a statement that the Group’s struggling racing arm is now under new management.
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All other Caterham brands – including the automotive manufacturing branch – will remain as part of the Group, under the continued direction of CEO Graham Macdonald.
Despite recent rumours of the group itself being up for grabs, Fernandes and his partner Kamarudin Meranun also keep their shareholder stakes, and as part of the deal the F1 team will continue to race under the Caterham name for the time being.
Former Hispania Racing team principal Colin Kolles, having also previously worked at Jordan and force India, will recommend the new owners, who take over with immediate effect. On a day-to-day basis, former Dutch F1 chauffeur Christijan Albers, assisted by Manfredi Ravetto, will take over the running of the team, reporting directly to the board.
The news brings an end to a dismal couple of years for the Caterham F1 team – they’re currently bottom of the 2014 Constructors’ Championship, and finished last in 2013, too.
It’s not quite there yet, but the long and vital argument on climate change is fast approaching fever pitch. The sales and marketing lines delivered on the eve of the COP26 climate change conference by unintentionally comedic politicians, unashamedly entrepreneurial ‘green’ industry reps, and committed environmental pressure groups went a bit like this…
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Petrol, diesel and LPG for personal transport, plus gas, coal and logs for home heat are all bad. part one of the green argument says these are among the killer carbon fuels worthy of being completely or partially banned – from new automobiles and our homes, at least.
The most affordable electric automobiles on sale
With equal passion, the green argument part two insists that electrical power isn’t merely good – it’s a sort of blessed, life and planet-saving fuel we need to be encouraged or legally bludgeoned into purchasing for our cars and dwellings. Yet how we’re expected to purchase and use the stuff when power cuts are so frequent (I suffered one on the day of writing this column, and have been cautioned to brace myself for another tonight) is another matter.
To the delight of the electrical power industry, our government has spent recent days reiterating that the new automobiles we purchase ought to be plug-ins ASAP – but by December 2029 at their lawful latest. On top of that comes guidance NOT to replace your existing gas boiler with a new, much more efficient version costing from £1,000-£2,000 plus installation – typically the cost of a qualified engineer for a day or two. Instead, purchase a heat pump priced around £12,000, plus numerous thousands extra for installation and rebuilding of your present central heating system – radiators, pipes and more.
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