Various reports have cited a report by The Edge Malaysia on Sunday saying that AirAsia CEO Tan Sri Tony Fernandes may be planning to sell niche sports car company Caterham Cars and its Formula One team.
Citing an unnamed source, the financial publication reported that the 50-year old was looking for around 350 million pounds (RM1.9 billion) for the sale of Caterham Group and all its assets. It also said an information memorandum pertaining to the sale was being circulated in the Middle East.
Fernandes, who bought Caterham in 2011, reportedly warned in January that he would pull out from Formula One if the team’s performance didn’t improve in 2014.
“If we’re at the back, I don’t think I’m going to carry on. Nothing is set in stone, but after five years with no points, there is a limit to one’s patience, money and motivation,” he said.
Caterham F1 has not scored a point since it entered the sport as Lotus Racing in 2010, and are currently running last in the championship.
Rumours surfaced earlier this year that the Renault Alpine-Caterham sports car partnership, which was announced in 2012, was on the brink of collapse following alleged tensions between Renault and Caterham.
There were even plans to develop a crossover SUV and subcompact car with Renault, and assemble them in Asia.
In recent years, Caterham has launched new top- and bottom-of-the-range variants of its legendary Seven sports car, announced a bikes division and premiered the striking AeroSeven concept car in Singapore.