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Struggling Caterham: No cars for Austin?

2014-10-22 10:37

NO CARS TO RACE?: Caterham F1 team's cars are on lockdown due to financial battles. Will the team make it to the Austin GP in Texas on Nov 2? Image: AFP

LONDON, England - Caterham's financial troubles appear to be deepening as it emerges that the struggling F1 team might not have a car to race at the upcoming 2014 US F1 GP in Austin, Texas.

Reuters reports that the green cars were scheduled to leave Caterham's UK factory bound for Austin, Texas, but the man appointed to oversee the administration of Caterham Sports Limited, reportedly a separate company to the F1 team but also based at the factory, is warning he will not release the cars because off a legal dispute.

It is the latest instalment in Caterham's financial troubles since the sale of the struggling team by founder Tony Fernandes to a mysterious consortium represented by adviser Colin Kolles, of HRT and Spyker fame.

CATERHAM'S FUTURE SAFE?

Finbarr O'Connell, working for the administrators on behalf of unpaid creditors - among them Exim Bank of Malaysia - said: "My legal advice is that I own the cars and won't be allowing the cars out of the factory until I reach an acceptable agreement."

The team, said now to be in talks with the administrator, insists the troubled Caterham-branded company is not associated with the team, while sources say Caterham's F1 future is therefore not endangered.

O'Connell, however, hinted that the next step could be the team's expulsion from the factory, already being guarded by private security on behalf of the administrator: "We are allowing 1MRT (the team) to use our facility while we negotiate a settlement," he said. "It needs to reach an agreement with us."

Stay with Wheels24 for the 2014 F1 season – fresh reports every day.
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