LONDON, England - All hope of rescuing the failed Caterham Formula 1 team looked to be over on Thursday (Feb 5) after auctioneers said its assets, including its 2014-season cars and pits-lane equipment, will go under the hammer in March 2015.
END OF THE ROAD: An upcoming auction will spell the end of the Caterham F1 team's hope of competing in 2015. Image: AP / Luca Bruno
Auctioneer Wyles Hardy said in a statement that instructions had been issued by administrators Smith & Williamson "to realise the assets of the Caterham F1 race team".
A series of on-line timed auction sales, starting on March 11 and running through to May 14 2015 would be held to sell everything from race equipment to memorabilia and office furniture.
HOPING TO FIND A BUYER
The race and hospitality trailers, race simulator, autoclaves and Dell HPC supercomputer would be offered as negotiated sales separate from the auctions.
Caterham, which never scored a point, went into administration in October 2014 and missed the US and Brazilian grans prix before raising money through a crowd-funding initiative to compete at the finale in Abu Dhabi in November.
As late as Janurrary 2015 administrator Finbarr O'Connell had hoped to find a buyer for the team though though he recognised time was running out with the season starting in Australia on March 15.
The first pre-season test at Jerez, Spain, ended on Wednesday (Feb 4) without Caterham's involvement.
O'Connell said: "As long as there are people (out) there who have a real possibility of doing something, I'm not going to close it (the team) down because if I do I will just be organising an assets auction - which I can do at any stage anyway."
Caterham was founded by Malaysian aviation entrepreneur Tony Fernandes, who also runs struggling UK soccer team Queens Park Rangers.
Fernandes lost interest and exited in July, handing over the team to a mystery group of Swiss and Middle Eastern investors with Colin Kolles serving as consultant.
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