Caterham F1 buyer says Fernandes remains owner

By on Thursday, October 23, 2014
Caterham F1 Team

Caterham F1 Team

Caterham's new buyer insists that it has adhered to all contractual obligations relating to its purchase of the Formula 1 team as disputes continue over who owns the squad.

The beleaguered outfit has been placed into administration this week and staff were locked out of the Leafield-based factory when they turned up for work on Thursday morning.

On Wednesday the Formula 1 team issued a statement claiming that Tony Fernandes did not transfer the shares to Swiss firm Engavest SA, prompting the Malaysian to hit back via Twitter, stating "If you buy something you should pay for it. Quite simple."

But Engavest SA responded on Thursday afternoon to state that its side of the contract had been honoured and that Fernandes remains the owner of the squad.

"On 29 June 2014 Engavest SA signed a Sale and Purchase Agreement with Tony Fernandes and the Caterham Group to acquire the shares of 1Malaysia Racing Team/Caterham F1," read a statement.

"Engavest SA has fulfilled all the conditions precedent, including paying the purchase price for the shares.

"The shares have not been transferred and therefore Mr Fernandes remains the owner of Caterham F1 and is fully responsible for all its activities."

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