Caterham is expected to miss the United States and Brazilian Grand Prix
The situation with Caterham is expected to lead to its inability to participate in the next two Formula 1 Grand Prix events in the United States and Brazil.
The judicial administrators of Caterham, who took control of the team this Friday, have obtained an exemption from Bernie Ecclestone to skip the next two races of the F1 World Championship in order to secure its future.
This decision by the FOM president comes as Engavest has decided to withdraw from the team’s management, claiming that they have not received the shares of the structure despite a payment. On the other hand, former owner Tony Fernandes stated that the Swiss company had not made the payment.
Finbarr O’Connell, who manages Caterham on behalf of Smith & Williamson, is mentioned in a new statement: « In a telephone conversation today between Finbarr O’Connell and Bernie Ecclestone, Mr. Ecclestone agreed to support the administrators in their desire to sell the Formula 1 team to a party with the financial strength to ensure the future. Mr. Ecclestone also agreed to allow the Caterham team to potentially miss the United States and Brazil Grand Prix, in the hope that a new owner will be in a position to run the team in Abu Dhabi. »
According to Smith & Williamson, a number of buyers are interested in the team: « We believe this arrangement gives us much better chances to achieve a better outcome for the team and its creditors. Even though it is a big step forward to make the whole team more attractive, there is no need for the 1MRT staff to return to the Leafield site before a sale of the Formula 1 team takes place. This is a difficult situation that is not our responsibility. We regret all the personal implications on the employees of 1MRT. As administrators of Caterham Sports Limited, we seek to maximize the possibilities for its creditors and other stakeholders. »
