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.