Fernandes says big teams as much at fault
29 October 2014 – Tony Fernandes says Formula 1 needs to examine itself in the wake of the collapse of the Caterham and Marussia teams.
Both outfits have gone into administration ahead of this weekend's United States Grand Prix.
Fernandes, who sold Caterham F1 back in June, told Sky Sports that too much money is being spent at the front of the grid and a budget cap is essential if smaller teams are to survive.
"People can blame whoever, but the big teams are as much at fault as anyone. The gap has become way too big and it is [all about] money. And so I thought, 'Well, I can't compete'," he said.
"So rather than continue something that I thought, one, I was not able to give it as much time as possible, two, I thought we were on a beating to none anyway, you have got to be brave and say 'Look, we screwed up. You cannot compete; you thought you could and [it is] time to leave'."
"The sport has to examine itself as well," he added.
"Ultimately we could not carry on and we would have eventually gone into administration anyway or closed down the team."
Meanwhile, Fernandes has not given up hope that Caterham will be sold to new buyers after Engavest stepped back.
"There are people that want to go racing for different reasons and Caterham has everything there to do it," he continued.
"There may be teams within Formula 1 that want a second team, a Red Bull-Toro Rosso situation.
"We will give it maximum support but it is not something I want to get involved with anymore. You have got to know what you are good at and what you are not good at. It is no point trying to pretend. You have got to immerse yourself in it.
"Racing is over for me."
Caterham and Marussia entered the sport in 2010 when a budget cap was mooted, but subsequently abandoned.