Bernie Ecclestone has joined those who are heavily critical of Caterham’s plea for fans’ money to get the struggling team back on track.
Tag Archive: Tony Fernandes
Caterham is preparing to return to formula one for F1’s 2014 finale in Abu Dhabi next month.
As it was put into administration following founder Tony Fernandes’ ill-fated sale to Colin Kolles-managed investors, the team as well as backmarker Marussia sat out Austin and will again be absent in rainy Brazil this weekend.
Battle lines are being drawn as F1 reacts to the ‘crisis’ of collapsing teams.
But Red Bull’s Dr Helmut Marko declared unequivocally ahead of the US grand prix: “We are ready.” He was referring to the concept of three-car teams, as he admitted to Germany’s Auto Motor und Sport that it might cost the sport’s big players up to $30 million each.
With Caterham now in administration, the backmarker’s former management may be returning its focus to the Forza Rossa project.
Before the mysterious investment group bought Caterham from Tony Fernandes earlier this year, Colin Kolles was deeply involved in trying to get a Romanian project called ‘Forza Rossa’ up and running with FIA approval.
F1 risks sliding into crisis and having to reinvent its very DNA as struggling backmarker teams begin to succumb to collapse.
HRT folded in 2012, and now F1’s two other newest teams Caterham and Marussia are in the throes of financial administration. Organisers of next weekend’s US grand prix look set to welcome just 9 teams to an 18-car grid, unprecedented since BAR-Honda was banned for a time almost a decade ago.
Team to continue operating
Following a request of yesterday evening at 21.55hrs CET from Caterham Sports Limited’s administrators and the legal advisors of Mr Tony Fernandes’ related EXIM Bank, representatives of 1MRT/Caterham F1 Team have agreed, with all rights reserved, to hand-over management of the Caterham F1 Team to the administrator Mr Finbarr O’Connell in the higher interest of allowing the team to continue operating and preparing for the next events.
The clock is ticking down to struggling F1 backmarker Caterham’s apparent collapse.
With the Saturday freight deadline for sending cars and equipment to Austin now just hours away, staff remain locked out of the Leafield factory while an unseemly spat continues to escalate between the team’s former and current owners.
Caterham is on the brink of collapse, as the backmarker team loses even the support of F1 supremo Bernie Ecclestone.
“I think it’s better they go,” said the 83-year-old Briton as the latest developments emerged late on Wednesday. “I don’t want people going around with begging bowls,” Ecclestone told the Sun newspaper in an article credited to business journalist Caroline Reid.
The Seller has refused to comply with its legal obligations to transfer their shares to the Buyer