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Caterham clings to life- but time short

2015-01-23 08:00

WE MADE IT! Caterham's future was horribly bleak but the team posted images on Twitter as it set up to race in Abu Dhabi for the final 2014 race. Image: Caterham F1 team / Twitter


LONDON, England - The failed Caterham Formula 1 team is running out of time to find a buyer but administrators were on Thursday (Jan 22) still refusing to admit defeat.

Finbarr O'Connell, who works for administrators Smith & Williamson, told Reuters: "I'm still hoping. As long as there are people with a real possibility of doing something I'm not going to close it (the team) down.

"If I did I would just organise an assets auction - which I can do at any stage anyway."


Caterham and rival Marussia went into administration in October 2014 because of mounting financial troubles. Marussia didn't enter the final three races of 2014 and ceased trading; Caterham was absent from two races but made it to the Abu Dhabi finale after raising the money through a crowd-funding initiative.

Ironically, Marussia now looks more likely to be revived since a scheduled auction of its cars and race equipment was cancelled due to the emergence of an interested party.

F1's commercial supremo Bernie Ecclestone told Sky Sports TV he met a possible buyer for Marussia on Wednesday (Jan 21) but had less hope for Caterham's prospects.

"I had a meeting with someone... who thinks he can buy Marussia. So that would be good. Caterham, I don't think there's much chance of saving them. Marussia, I think there's a chance," Bernie said.

Marussia was ninth overall in the F1 team championship in 2014, above Sauber and Caterham, and would be in line for significantly more prize money and revenue than Caterham, which had not scored a point in five years.

Stay with Wheels24 for the 2015 F1 season – fresh reports every day.

Read more on:    marussia  |  sauber  |  caterham  |  london

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