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Caterham's administrators will not fund testing

Caterham F1's administrators are still in discussions with potential investors in a bid to save the Formula One team.

But talks will not go on indefinitely and the administrators have stressed that they will not fund any winter test sessions, which are set to begin next month.

After missing both the United States and Brazilian Grand Prix, Caterham returned to the paddock in Abu Dhabi for the 2014 Formula One World Championship finale.

A controversial crowd-funding project which was launched at the Brazilian Grand Prix raised £1.9million and provided the springboard to get them into the F1 paddock.

The figure was still a short of the previously announced target of £2.35million which was set to get Caterham back on the grid in Abu Dhabi, however administrator Finbarr O'Connell was confident that it would be enough that he took Caterham out to Abu Dhabi.

They did however receive an unexpected added help as Formula boss Bernie Ecclestone waived the freight costs and chartered a plane for staff attending the season-ending race.

With Marcus Ericsson severing his ties with the team ahead of his move to Sauber for 2015.

Caterham auctioned off the seat to Will Stevens who had previously worked with the team.

Administrator Finbarr O'Connell was desperate to get the team out to Abu Dhabi for the final race of the season and he made his rather awkward step into the media spotlight over that weekend.

The idea behind making the race was so to demonstrate the level of the team, which appears to have worked despite no deals yet being confirmed.

'Talks with interested parties continue, but if a buyer is not found before the test, we will not put up the money to go,' joint administrator Henry Shinners told the BBC.

'I wouldn't rule anything out but if we reach the first race in the same position, the chances of saving the team are virtually nil.'








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The Journalist

Writer: Red5 Mail feedback, articles or suggestions

Date:Tuesday January 6 2015

Time: 9:59AM

 

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