Thursday, 23 October 2014

Caterham owners - Responsibility for the team lies with Fernandes but the businessman says otherwise

(Florent Gooden DPPI for Renault Sport F1)

The dispute between the current owners of the Caterham F1 Team and former owner Tony Fernandes sees no signs of being resolved with the current owners saying that the responsibility for the Formula One team remains with Mr Fernandes.

However Mr Fernandes has stated that he has no legal obligation to provide the outstanding shares to the new owners. Fernandes has stated that buyers:

'Failed to comply with conditions,'

Fernandes went on to say that he has 'no legal obligation to transfer the shares to them (ENGAVEST SA) unless certain conditions - which included paying creditors were met.'

Colin Kolles who is working as a Formula One adviser to the new owners has said that the fate of the Caterham F1 Team is now in the hands of the administrators.

© Ben Johnston 2014

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