Friday, 24 October 2014

BREAKING: Caterham F1 Team enters Administration

(Francois Flamand DPPI for Renault Sport F1)

It's official the Caterham F1 Team have been handed over to the administrators which effectively secures the Leafield based outfits short term future and means that the team can push ahead with preparations for next weekend's US Grand Prix at the Circuit of the Americas in Austin Texas.

The Caterham F1 Team released the following the statement:

'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 administrator Mr Finbarr O'Connell in the higher interest of allowing the team to continue operating and preparing for the next events," read a statement from the team.'

© Ben Johnston 2014

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