Friday, 24 October 2014

Caterham to sit out US and Brazilian Grand Prix

(Francois Flamand DPPI for Renault Sport F1)

The Caterham F1 Tam who officially went into administration today have been given special dispensation by Formula commercial rights holder Bernie Ecclestone to miss the next two Grand Prix in Austin Texas next weekend and the Brazilian Grand Prix he following week.

The news comes at the same time as staff at the Leafield based team were told not to come into work until the situation has been resolved.

Mr Ecclestone spoke to the Administrator Finbarr O'Connell on Friday. A statement released this evening read:

'Mr Ecclestone also agreed to give dispensation to Caterham F1 such that it could, if necessary, miss the US and Brazilian Grands Prix, but hoped that a new owner would be in a position to race the team at the Abu Dhabi Grand Prix.

Mr Colin Kolles, the previous principal of the team, offered today to hand over management control of 1MRT to the administrators. Lawyers for the administrators and Mr Kolles are currently working on the paperwork to effect this transfer.'

The statement continued saying:

'The administrators have already been contacted by a number of interested parties expressing a wish to buy the team and they hope a transaction with an operator of substantial financial means can be concluded in the next few weeks.'

It is hoped that any purchaser of the F1 team will take over the employees and they will be able to recommence their work including that at the Leafield site.'

The administrator Finbarr O'Connell is hopeful that by keeping the option open to race that it will attract a buyer for the outfit.

© Ben Johnston 2014

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