Fernandes sells Caterham F1 Team
2 July 2014 – Tony Fernandes and his partners have sold the Caterham F1 Team to a consortium of Swiss and Middle Eastern investors, advised by former F1 Team Principal Colin Kolles, it has been confirmed.
As reported on GPUpdate.net earlier today, ex-Formula 1 driver Christijan Albers will take over the day-to-day running of the outfit, reporting directly to the board and replacing outgoing Team Principal Cyril Abiteboul, who will leave the team 'to pursue new challenges'.
Albers will be assisted by Manfredi Ravetto with the new owners taking charge with immediate effect.
"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."
In a statement to the media, it was also added that, under the terms of the sale, 'the squad will continue to race as the Caterham F1 Team and will remain based at Leafield for the foreseeable future'. No further information was released.