Caterham F1: The Administrators in Charge
After the media battle, the time has come for the final efforts to try to save Caterham F1 and to race the CT05 in Austin.
In the tense context surrounding the takeover of Caterham F1, the team announced it is officially and effectively being managed by judicial administrators, after the management team decided to step down in accordance with previous statements.
The battle has been engaged between Tony Fernandes and Engavest over the issue of the transfer of the team’s shares as part of the sale agreement of the structure, with the former accusing the latter of not paying, which the latter denies.
A new press release published this Friday outlines the latest efforts to try to save Caterham: « Following a request from the administrators of Caterham Sports Limited and the legal advisors of EXIM Bank, associated with Mr. Tony Fernandes, representatives of 1MRT / Caterham F1 have agreed, with all rights reserved, to transfer the management of Caterham F1 to Mr. Finbarr O’Connell, administrator, to allow the team to continue operating and preparing for upcoming deadlines. »
This procedure gives the judicial administrators 24 hours to find solutions to improve the team’s financial situation and to deliver the cars and necessary equipment for the United States Grand Prix in Austin.
