The Caterham Group has confirmed they have sold their F1 team to a consortium of Swiss and Middle-Eastern investors. Despite the move, the company is fully committed to car production.
The Caterham Group has confirmed they have sold their F1 team to a consortium of Swiss and Middle-Eastern investors.
Despite the move, the company says they are fully committed to their remaining brands - including Caterham Cars, Caterham Composites, Caterham Technology & Innovation (CTI), Caterham Racing (GP2), Caterham Moto Racing Team (Moto2) and Caterham Bikes - and they will remain "core elements of Caterham Group under the direction of CEO Graham Macdonald and shareholders Tony Fernandes and Kamarudin Meranun."
The company goes on to say the sale of the F1 team will allow them to "flourish" and focus on "core activities." Caterham went to say the order book for Caterham Cars is full until January 2015 and they are developing a new flagship sports car that is codenamed the C120.
In a statement, Caterham Group CEO Graham Macdonald said "Firstly I want to thank everyone who was involved in the F1 team for all their hard work and dedication since the team’s first days in 2009. We have now secured an exciting new future for the F1 team with Dr Kolles that will allow the Caterham name to remain in Formula 1, giving us all the benefits of that exposure but also allowing us to focus our resources on new Caterham product development whilst leaving F1 to enter an exciting new chapter under the guidance of the new owners."
Macdonald went on to say “The future for us now lies with all the exciting brands that make up Caterham Group. We will be looking to maximize the benefits of the F1 platform across all our brands , working closely with the new team owners, and our core focus is still on launching the brand new two-seat Caterham Car, a project we will be making more announcements about in due course.”