Caterham administrators in talks with 'credible' parties

By on Friday, October 31, 2014
Caterham F1 Team

Caterham F1 Team

Administrators for the Caterham F1 Team say that they are in discussions with a number of interested parties regarding the potential sale of the squad.

Caterham entered administration last week and will not participate in this weekend's United States Grand Prix, but Smith & Williamson say that they have talked to several interested parties, with the ambition of the team returning to the grid in Abu Dhabi.

"We remain in conversation with a number of credible, interested parties regarding the sale of the historic Caterham F1 racing team," read a statement released by the administrators.

"Our current strategy is to seek a buyer that will allow the team to compete in the final race of the season in Abu Dhabi on 23 November 2014 and we are doing all we can to make that happen. However, if a deal cannot be finalised in time, then the strategy is to secure a buyer to allow the team to compete in the 2015 F1 championship.

"We are working with our specialist Corporate Finance team to manage the sale process and we have received several expressions of interest from parties with the financial strength to fund a F1 race team. These conversations are ongoing. We believe this approach will maximise the assets of the broader Caterham F1 team and so enable the best outcome for creditors and other stakeholders, including employees of 1MRT.

"Staff at Caterham’s Leafield site in Oxfordshire are employees of 1MRT, which is a separate entity to CSL. Staff were advised in writing that from 8 October 2014, their employment had been transferred from CSL to 1MRT. This took place before the current administrators of CSL were appointed.

"As administrators to CSL, we are doing our best to resolve matters as smoothly as possible and for the benefit of creditors and other stakeholders. This remains a highly complex situation.

"We understand that in recent weeks there has been a lack of communication between 1MRT and staff at the Leafield site. The administrators of CSL are therefore mindful of the uncertainty facing 1MRT’s employees and their families and are doing their best to address this."


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