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Caterham woes: 'Two weeks to find a buyer'

2014-10-31 22:48

NO MORE RACES? Caterham's Kamui Kobayashi in action during the inaugural Russian Formula 1 Grand Prix weekend at the Sochi Autodrom on October 12, 2014. Will the team race again? Image: AP / Pavel Golovkin

AUSTIN, Texas - Caterham may have to be wound up if a buyer does not emerge in the next two weeks, an administrator said on Friday (Oct 31).

Henry Shinners, told Sky television outside the team’s closed factory in England, said: "We're continuing our efforts to try and find a buyer for the team, bearing in mind the workforce are the lifeblood of the team.

"We feel that if a buyer doesn't come forward in the next two weeks then we'll probably have to wind it down."

FINANCIAL WOES

Caterham and tail-end rivals Marussia are both in administration and absent from the 2014 US Grand Prix in Austin, with only nine teams competing.

They will also miss the 2014 Brazilian GP in Sao Paulo the following weekend with only Abu Dhabi remaining after that on November 23.

Some 200 jobs are at stake at Caterham, who are based at Leafield near Oxford, and Shinners said salaries had not been paid for October.

The team was founded by Malaysian aviation entrepreneur Tony Fernandes and entered the sport in 2010. They failed to score a point and the sale of the team was announced in July.

NEW BUYER NEEDED

In a separate statement, Shinners' employers Smith & Williamson said they remained in talks with a number of "credible, interested parties" about buying the team.

"Our current strategy is to seek a buyer that will allow the team to compete in the final race of the season in Abu Dhabi...and we are doing all we can to make that happen," the company said.

"We are working with our specialist corporate finance team to manage the sale process and we have received several expressions of interest from parties with the financial strength to fund an F1 race team. These conversations are ongoing."

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