Caterham F1 Team
Caterham has been given dispensation to miss the next two Formula 1 races in the United States and Brazil after the team was placed into administration.
The squad has endured a tumultuous week with Tony Fernandes and buyers Engavest SA involved in a war of words over unfulfilled contracts, while the latter opted to hand over control of the team to administrators Smith & Williamson on Friday.
They revealed that Bernie Ecclestone has given them permission to miss the next two races, while they remain hopeful a new buyer can be found so that the outfit can return to the grid in time for the season finale in Abu Dhabi.
"In a telephone conversation today between Finbarr O’Connell and Bernie Ecclestone, Mr Ecclestone agreed to support the administrators in their wish to sell the Formula 1 team to a party with the financial strength to sustain it into the future," read a Smith & Williamson statement.
"Mr Ecclestone also agreed to give dispensation to Caterham F1 such that it could if necessary miss the U.S. and Brazilian Grands Prix but hoped that a new owner would be in a position to race the team at the Abu Dhabi Grand Prix.
"Mr Colin Kolles, the previous principal of the team offered today to hand over management control of 1MRT to the administrators. Lawyers for the administrators and Mr Kolles are currently working on the paperwork to effect this transfer.
"The administrators have already been contacted by a number of interested parties expressing a wish to buy the team and they hope that a transaction with an operator of substantial financial means can be concluded in the next few weeks.
It is hoped that any purchaser of the F1 team will take over the employees and that they will be able to recommence their work including that at the Leafield site
O’Connell added: "We believe this arrangement gives us a much better chance of being able to reach a better conclusion for the racing team and its creditors.
"While this is a great step forward in making the whole team and assets more attractive, there is no need for the staff of 1MRT to return to the Oxford site in Leafield until a sale of the Formula 1 team occurs.
"This is a difficult situation which is not of our making. We regret any personal impact on 1MRT’s employees. As administrators for CSL, we are seeking to maximise the outcome for its creditors and other stakeholders."
