2nd July, 2014 (F1plus/Rosie Baillie) - Caterham have announced that Tony Fernandes has sold the team to a consortium of Swiss and Middle Eastern investors.
The announcement follows rumours that the team was for sale after Fernandes tweeted ‘F1 hasn’t worked, but love Caterham Cars’, shortly before closing his Twitter account.
The team will continue to race as Caterham F1 Team and will remain at the Leafield ‘for the foreseeable future’.
Former Formula One driver Christijan Albers, will replace Cyril Abiteboul as Team Principal, assisted by Manfredi Ravetto, and will look after the day-to-day running of the team.
Albers said that the team are determined to reclaim 10th place in the Constructors’ Championship from Marussia and will ensure that they have the resources necessary to develop and grow.
“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.” Albers said.
“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.”