- Caterham
Caterham team is Fernandes' responsibility, say buyers
The group of investors that have been running Caterham since July claim Tony Fernandes has not transfered ownership of the team to them and is therefore still responsible for its uncertain future.
Fernandes founded the team in 2010, but after four years without a point sold 1Malaysia Racing Team (1MRT), the company that holds the entry to the F1 championship, to a group of Swiss and Middle Eastern investors known as Engavest SA. Advised by former HRT boss Colin Kolles, Engavest SA has been running the struggling team since before the British Grand Prix but now claims it has not received the shares it paid for.
Earlier this week the company that manufactures and supplies the team's cars, Caterham Sports Limited (CSL), went into administration and on Thursday staff were told not to turn up to the factory. Engavest SA has distanced itself from CSL since bailiffs seized company assets earlier this month and now says it does not posses shares in any part of the team.
After threatening to withdraw its management from the team on Wednesday night, Engavest SA issued a follow up statement on Thursday saying the team remains Fernandes' responsibility.
"Engavest SA signed a Sale and Purchase Agreement with Tony Fernandes and the Caterham Group to acquire the shares of 1Malaysia Racing Team/Caterham F1," read Thursday's statement.
"Engavest SA has fulfilled all the conditions precedent, including paying the purchase price for the shares.
"The shares have not been transferred and therefore Mr Fernandes remains the owner of Caterham F1 and is fully responsible for all its activities."
The Engavest SA statement followed a tweet from Fernandes, which read: "If you buy something you should pay for it. Quite simple." A full statement from Fernandes and the Caterham Group is expected soon.
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