Caterham hands over to administrators

By on Friday, October 24, 2014
Caterham F1 Team

Caterham F1 Team

Caterham F1 Team has confirmed that it has handed over management of the team to administrators, following an escalation of the crisis engulfing the squad on Thursday.

A war of words broke out between Tony Fernandes and buyers Engavest SA over who owns the team and whether both sides of the contract had been fulfilled.

Caterham confirmed on Friday lunchtime that the squad is now in the hands of administrators as it attempts to resolve the situation in time for the team to race in the United States Grand Prix next weekend.

"Following a request of yesterday evening at 21.55hrs CET from Caterham Sports Limited's administrators and the legal advisors of Mr Tony Fernandes' related EXIM Bank, representatives of 1MRT/Caterham F1 Team have agreed, with all rights reserved, to hand-over management of the Caterham F1 Team to the adminatrator Mr Finbarr O'Connell in the higher interest of allowing the team to continue operating and preparing for the next events," read a Caterham statement.

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