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Caterham boss: 'F1 team not for sale'

2014-05-28 08:58

NOT SELLING: Caterham F1 owner Tony Fernandes, says the team is not for sale. Fernandes also owns a soccer club and an airline company - amongst other things. Image: AFP/Carl Court

LONDON, England - Caterham owner Tony Fernandes denied on Tuesday (May 27 2014) that his group of companies, which includes the struggling Formula 1 team, was up for sale - in fact he was seeking new investments.

Reports in Malaysia at the weekend had said the AirAsia budget airline boss was seeking to sell the British-based team and sports-car company and an information memorandum was being circulated in the Middle East. "Caterham Group is not for sale," Fernandes said in a statement. "We love what we build and we are always looking for further investment. This is no different to how we started AirAsia.

"Yes, we are constantly challenging ourselves and making decisions on everything from the structure to projects within the group. That is normal business. That does not mean we are selling."

ZERO POINTS SO FAR

The statement added that the Caterham Group was actively searching for additional investment as part of its "ambitious plans to develop" and co-chairmen Fernandes and Kamarudin Meranun remained wholly committed.

Caterham has yet to score a point in more than four years of competing in F1 and is currently last in the Constructors' standings with Japanese driver Kamui Kobayashi and Swedish rookie Marcus Ericsson.

Fernandes warned in January 2014 that he could walk away from F1 if his team's performance did not improve.

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