Formula One Team Caterham Sold by Owner Tony Fernandes

Updated: 02 July 2014 21:21 IST

Former Dutch Formula one driver Christijan Albers, assisted by Manfredi Ravetto, will take over the day-to-day running of the Caterham racing team, reporting directly to the board and replacing Cyril Abiteboul, who will leave the team.

Formula One Team Caterham Sold by Owner Tony Fernandes
In this file picture taken on November 5, 2012, Malaysian chairman of British coach builder Caterham, Tony Fernandes speaks during a press conference at French carmaker Renault in Paris. © AFP

Malaysian entrepreneur Tony Fernandes on Wednesday sold his Formula 1 team Caterham to a consortium of Swiss and middle-eastern investors advised by former Force India and HRT boss Colin Kolles.

"Under the terms of the sale, the team will continue to race as Caterham F1 Team and will remain based at Leafield for the foreseeable future," said a Caterham statement.

The new owners takes charge with immediate effect.

Former Dutch F1 driver Christijan Albers, assisted by Manfredi Ravetto, will take over the day-to-day running of the team, reporting directly to the board and replacing Cyril Abiteboul, who will leave the team.

"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 10th place in the 2014 championship. We are very committed to the future of the team and will ensure that the team has the necessary resources to develop, grow and achieve everything it is capable of," Albers said.



Topics : Caterham Formula 1
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