- Caterham
Caterham set to miss US and Brazilian GPs
Caterham have been given special dispensation by Bernie Ecclestone to miss the next two races in the USA and Brazil after the team fell under the control of administrators on Friday.
In effect, administrators Finbarr O'Connell and Henry Shinners of Smith & Williamson are now running the team after previous team boss Colin Kolles handed over control on Friday. They are now looking to sell the team, including its entry to the championship, the cars and intellectual property rights, to a new investor looking to enter Formula One.
"Purchasing the assets would give the buyer ready access to F1 racing," said Shinners.
Teams are contracted to race at each event in the world championship, but O'Connell was able to come to an agreement with Ecclestone to miss the next two races.
"In a telephone conversation today between Finbarr O'Connell and Bernie Ecclestone, Mr Ecclestone agreed to support the administrators in their wish to sell the Formula One team to a party with the financial strength to sustain it into the future," read a Smith & Williamson press release.
"Mr Ecclestone also agreed to give dispensation to Caterham F1 such that it could if necessary miss the U.S. 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 administrators have already been contacted by a number of interested parties expressing a wish to buy the team and they hope that 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 that they will be able to recommence their work including that at the Leafield site."
However, O'Connell made clear that his main objective is still to pay the team's creditors and the news did not mean Caterham employees would return to work.
"We believe this arrangement gives us a much better chance of being able to reach a better conclusion for the racing team and its creditors.
"While this is a great step forward in making the whole team and assets more attractive, there is no need for the staff of 1MRT to return to the Oxford site in Leafield until a sale of the Formula 1 team occurs.
"This is a difficult situation which is not of our making. We regret any personal impact on 1MRT's employees. As administrators for CSL, we are seeking to maximise the outcome for its creditors and other stakeholders."
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