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Caterham's administrators to auction assets

Caterham's hopes of a return to Formula One look to be ending following the news that the administrator plans to sell off the teams assets.

Caterham F1's administrators had been holding discussions with potential investors in a bid to save the Formula One team.

But talks have dragged and the administrator finally made the decision to not fund the team through winter testing.

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 regardless.

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.

The plan by Administrator Finbarr O'Connell appeared to work as talks with potential investors continued throughout the winter.

But those talks appear to have now ended with the news that auctioneers Wyles Hardy & Co have been instructed to sell the teams assets.

On March 11th Caterham's race and pitlane equipment will be among the items auctioned.

The race and hospitality trailers and simulator will be sold separately.








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The Journalist

Writer: Red5 Mail feedback, articles or suggestions

Date:Friday February 6 2015

Time: 10:00AM

 

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