The administrators representing the ailing Caterham F1 Team have revealed that an auction has been set to sell off the assets of the team, as a buyer has not been forthcoming.
The team went into administration following the Russian Grand Prix in 2014, missing the races in the United States and Brazil, but made a surprise return in the season finale in Abu Dhabi, where the team gave Briton Will Stevens a debut alongside Japanese star Kamui Kobayashi.
Administrator Finbarr O’Connell had been confident that a buyer could have been found, but the news that an auction to sell off the major assets of the team on March 11 makes it unlikely that the team will be seen in Formula 1 again.
“Acting for the Joint Administrators Finbarr O’Connell, Henry Shinners and Anthony Spicer of Smith & Williamson, Wyles Hardy & Co have been instructed to realise the assets of the Caterham F1 race team,” said the statement from the administrators.
“A series of online timed auction sales will be held covering the race equipment, engineering facility, F1 memorabilia, IT and communications, office furniture and as well as private treaty sales for the Race Trailer Fleet, the state of the art Race Simulator, Dell HPC super computer and Autoclaves.
“The first Auction will focus on the race support and pit lane equipment including the 2014 chassis’ and show cars and is scheduled for early March.”
A similar auction set up by the administrators of the Marussia F1 Team was cancelled at the last minute when talks with potential investors went into advanced stages and ended up with the team paying their entry fee for the 2015 season.