Thursday, 5 February 2015

Caterham on the brink as remaining assets set to be sold over the course of a number of auctions

(Florent Gooden DPPI for Renault Sport F1)

It would appear to be the end of the road for the Caterham F1 Team, despite the best efforts of administrators Smith and Williamson to find a buyer for the Leafield based outfit, Finbarr O’Connell one of the administrators overseeing the sale of the team has confirmed that the teams remaining assets will be put up for auction on Wednesday 11th March, which is the week of the opening race of the 2015 Formula One season in Melbourne, Australia.

The news comes just one day after it was confirmed that rivals Manor F1 Team will exit administration at the end of the month and that their entrance fee for 2015 has been paid. The team have also been told that they can receive their price money from the 2014 season.

The Caterham F1 Team tried absolutely everything to remain in Formula One going so far as to set up a crowd-funding initiative to raise the funding necessary to allow them to go racing at the season finale in Abu Dhabi last November and they were successful with Mr O’Connell installed as acting Team Principal.

Auction firm Wyles Hardy & Co will sell the team’s 2014 chassis’ show cars, factory, pit-lane equipment as well as race and simulator equipment. The auctions will take place throughout March and April, the first of which is scheduled to take place on March 11.

© Ben Johnston 2015

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