PARIS, Oct 25, 2012 (AFP) - The Malaysian owner of the Caterham Formula One team Tony Fernandes announced on Tuesday he was stepping aside as head of the racing outfit at the end of the year to focus on a new venture constructing sports cars.
The 48-year-old, who also owns English Premier League club QPR, said it was best for him to move over for someone else while he focuses on developing the sports car project announced on Monday with Renault in reviving the mythical sports car Alpine.
"On the racing side we have come to the conclusion that it is better if someone else takes over the team principal role to move forward," he said.
"I know who it will be - and can tell you that today as I had confirmation earlier," he said.
"(But) I cannot tell you their name yet. All I can say is that they are from within F1."
Fernandes arrived on the Formula One scene in 2009 at the head of the Lotus stable, which made its competitive debut in the 2010 campaign.
In April 2011 his Malaysian consortium bought Caterham and raced under that name from this season.
On Monday Renault president Carlos Ghosn had co-presented with Fernandes the project revolving round Alpine which is due to get underway in January next year.