(Frederic Le Floc'h DPPI for Renault Sport F1)
Just weeks after confirming that his team was not for sale it was announced today that Tony Fernandes has sold the Caterham F1 Team to a Swiss/Middle Eastern consortium with former Midland F1 Team boss Colin Kolles brought in as an adviser to the new management team.
The new deal will see the team run under new management which will see former Formula One driver Christijan Albers replace Cyril Abiteboul as team boss with immediate effect.
In a statement on their website the team confirmed that they will remain based at their facility in Leafield. The news brings to an end Tony Fernandes' five year involvement in Formula One.
Speaking about the take over, Albers said:
"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 tenth place in the 2014 Championship. 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."
©Ben Johnston 2014
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