Caterham confirms sale of team

By on Wednesday, July 2, 2014
Caterham F1 Team

Caterham F1 Team

Caterham has confirmed that Tony Fernandes and his partners have sold the team to a consortium of Swiss and Middle Eastern investors, advised by former Formula 1 team principal Colin Kolles.

Fernandes formed Lotus Racing - which morphed into Caterham - at the start of 2010 but has now departed the set-up, along with team principal Cyril Abiteboul.

Christijan Albers, who raced in Formula 1 between 2005 and 2007, will take over day-to-day running of the team from Abiteboul, assisted by Manfredi Ravetto.

The identity of the new investors has not been revealed.

The new owners have targeted 10th place in this year's championship.

"We are aware of the huge challenge ahead of us given the fight at the bottom end of the Championship and our target now is to aim for 10th place in the 2014 Championship," said Albers.

"We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of."

The Caterham name has been retained for now, while the team will continue to be based at Leafield. The sale does not include Caterham Group or the GP2 squad.

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