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F1: Caterham administrator reports potential buyers

October 31, 2014

Administrators for the Caterham Formula 1 team say that they have been approached by several parties that have the funding to get it back on the grid.

As efforts continue to try to sort out the squad’s financial situation, appointed administrators Smith & Williamson maintain optimism that a purchaser can be found soon. In a statement issued on Friday it said: “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 maximize the assets of the broader Caterham F1 team and so enable the best outcome for creditors and other stakeholders, including employees of 1MRT.”

Although Caterham is in breach of F1’s sporting regulations for missing races, it has been given dispensation by Bernie Ecclestone to skip the next two grands prix, and the FIA also confirmed that leeway would be granted.

Smith & Williamson said that if a buyer could not be found to get Caterham racing in Abu Dhabi then it would not give up a potential return for 2015.

“We remain in conversation with a number of credible, interested parties regarding the sale of the historic Caterham F1 racing team,” the administrators’ statement continued. “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 November 23, 2014 and we are doing all we can to make that happen.

“However, if a deal cannot be finalized in time, then the strategy is to secure a buyer to allow the team to compete in the 2015 F1 championship.”




Originally on Autosport.com


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