Formula 1

Caterham Confirm Team Take-Over Deal Completed

1 Mins read

The Caterham F1 Team have confirmed that Tony Fernandes and his partners have sold the team to a team of Swiss and Middle Eastern investors, who have been advised by former Formula One team principal Colin Kolles.

The change of ownership starts with immediate effect, with former Minardi, Midland and Spyker driver Christijan Albers taking over the day-to-day running of the team from Cyril Abiteboul, who has left the team for other challenges. Manfred Ravetto will assist Albers in the role.

Dutchman Albers, who scored a best finish of fifth in the infamous United States Grand Prix of 2005 and raced in 45 Grand Prix, knows the challenge ahead of him is going to be hard, but has immediately set aims of finishing the 2014 season in tenth position. The team are currently one of two teams, along with Sauber, yet to have scored a point this year, with their perennial on-track rivals Marussia having scored two points at Monaco. Caterham also have the distinction of being the team to have raced the most races in Formula One history but never to have scored a point.

“We are aware of the huge challenge ahead of us given the fight at the bottom end of the Championship and our target now is to aim for tenth place in the 2014 Championship,” said Albers. “We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of.”

For the foreseeable future and under the terms of the sale, the team will continue to race as the Caterham F1 Team, and will remain based at Leafield.

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