Tony Fernandes sells his Caterham Formula One constructor to consortium
- Credit: Archant
Hingham-backed Caterham's Formula One future has been secured for the time being, after the team was sold by Tony Fernandes.
The Malaysian businessman and his partners have sold the constructor to a consortium of Swiss and Middle Eastern investors, and they will be advised by former F1 team principal Colin Kolles.
The sale includes an agreement for the team to continue racing as Caterham and be based at their Leafield home for what Caterham's statement called 'the foreseeable future'.
However, with Fernandes retaining the GP2 racing team, car manufacturer as well as composite and engineering businesses based in Norfolk, there are bound to be questions raised over the company's future links to Formula One.
The new ownership has taken charge with immediate effect, meaning former Dutch Formula One driver Christijan Albers, assisted by Manfredi Ravetto, will take over the day-to-day running of the team in time for this weekend's British Grand Prix at Silverstone.
Team principal Cyril Abiteboul is set to leave the team.
'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 constructors' championship,' said Albers.
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'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.'
Caterham are 11th and bottom of the constructors' championship standings, with Sauber the only other team yet to score a point following Marussia's first two F1 points at the Monaco Grand Prix in May.