Bernie Ecclestone has agreed to give Caterham a dispensation to miss the next two rounds of the championship while the administrators who own the team try to find a buyer for it.
Administrators Finbarr O’Connell and Henry Shinners of Smith and Williamson have agreed terms with Colin Kolles to take charge of 1 Malaysia Racing Team, which owns Caterham’s licence to compete in the world championship, as well as Caterham Sports Limited.
This means they are now able to sell Caterham’s F1 racing operation and championship entry as a going concern if a buyer can be found. Shinners said “Purchasing the assets would give the buyer ready access to F1 racing”.
“This includes the Formula One licence, the racing cars, the designs and intellectual property for current and future seasons plus the workforce and all of the technical support provided to the racing team by CSL from the Leafield Technical Centre,” he added.
Caterham can miss next week’s round in the USA and the race which takes place on the following weekend in Brazil. Ecclestone wants the team to participate in the season finale which takes place two weeks later in Abu Dhabi.
However staff at the British-based team’s factory in Leafield have been advised they do not need to return until the team has been sold.
O’Connell said the arrangement “gives us a much better chance of being able to reach a better conclusion for the racing team and its creditors”.
“This is a difficult situation which is not of our making,” he added. “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.”
With Caterham unlike to appear at the next two rounds, the F1 field will be reduced to 20 cars, assuming Marussia return to fielding two drivers.
2014 F1 season
- Which was F1’s best down-to-the-wire title fight?
- Fear of rules change led Mercedes to run dominant 2014 engine in “idle mode”
- Mercedes’ Bahrain battle “too dangerous” – Warwick
- Streiff’s comments on Bianchi crash investigation prompts legal action from FIA
- Is stewarding improving? Analysing 2014’s penalties
Image © Caterham/LAT