Administrators take control of Caterham F1

Speedcafe.com

Saturday 25th October, 2014 - 12:02am

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Caterham F1 team is now in the hands of administrators

Caterham F1 team is now in the hands of administrators

Administrators have now taken control of the Caterham F1 team following a decision from current owners Engavest SA.

The move comes after a series of claims and counter claims between founder Tony Fernandes and the current management team regarding the ownership of the outfit.

The dispute has put the team’s participation in next weekend’s US Grand Prix in doubt with staff locked out of the Leafield factory after Caterham Sports Limited, a company which helps service the cars, went into administration this week.

However, it appears the team’s hopes of competing at Austin’s Circuit of the Americas have been thrown a lifeline after the current management team decided to step back and let administrators Smith and Williamson take control.

The team released the following statement.

“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 adminatrator Mr Finbarr O’Connell in the higher interest of allowing the team to continue operating and preparing for the next events.”

Administrators now face a battle to arrange the team’s finances and organise transportation of the squad’s cars to America.