Caterham F1 has been sold by its owner Tony Fernandes after being advised by former F1 team principle Colin Koiles.
The team, which is currently sitting last in the constructor’s championship, has been sold to a consortium of Swiss and Middle Eastern investors.
The team will continue to race under the Caterham name and will remain based at Leafield in Oxfordshire for the foreseeable future.
Caterham F1 will now have no links with the rest of the Caterham Group, which is still owned by Fernandes and comprises two technology companies as well as the car manufacturing arm.
The new ownership takes charge with immediate effect. Former Dutch F1 driver, Christijan Albers, assisted by Manfredi Ravetto, will take over the day-to-day running of the team, reporting directly to the board and replacing Cyril Abiteboul who will leave the team to pursue new challenges.
“We are aware of the huge challenge ahead of us given the fight at the bottom end of the championship and our target now is to aim for tenth place in the 2014 championship,” Christijn Albers commented. “We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of.”
