Caterham Group owner Tony Fernandes has allegedly decided to sell the UK-based company, according to a Malaysian business journal.

Caterham Group owner Tony Fernandes has allegedly decided to sell the UK-based company, according to a Malaysian business journal.

The Edge Malaysia is reporting Tony Fernandes is selling the whole Caterham Group and he wants 589M USD for the entire business. The conglomerate includes not only the Formula 1 team but also the Caterham Cars division which produces road-going vehicles. Moreover, part of the group is also Caterham Composites as well as Caterham Technology and Innovation (CTI).

It is believed that a memorandum providing details about Fernandes' intentions to sell has been circulating in the Middle East. Possible reasons for this radical decision could have something to do with the cancel of collaboration with Renault for the Alpine, as well as the delay of a production version AeroSeven as a result of criticism coming from customer feedback not satisfied with the concept's design.

Tony Fernandes has refused to comment about the report.

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Caterham Group on sale for 589M USD - report