Tony Fernandes sells Caterham F1 Team to Swiss-Middle Eastern consortium of investors

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Photo: Caterham F1 Team

Caterham F1 Team has announced that the team have been sold to a consortium of Swiss and Middle Eastern investors advised by former F1 Team Principal Colin Kolles. The ownership of the team has been transferred from Tony Fernandes and his partners to the new owners with immediate effect.

The day to day running of the team will be handled by former Dutch F1 driver Christijan Albers assisted by Manfredi Ravetto. The team will continue to race under the Caterham F1 Team name, and will be based at Leafield in the near future, but of course this may change. Tony Fernandes and gang still own the Caterham car company for now, so they basically own the Caterham name.

No transaction price was mentioned but there were rumours in late May 2014 that Fernandes could be planning to sell niche sports car company Caterham Cars and its Formula One team for around 350 million pounds (RM1.9 billion). Of course, only the F1 team was sold in this case.

We first heard of the team back in 2009 when it was revealed that Tony Fernandes and a consortium of Malaysian investors including Naza Group’s SM Nasarudin was forming an F1 team.

The new F1 team was initially known as the 1Malaysia Racing Team (1MRT). The name Lotus Racing was then officially announced, and was subsequently renamed to Team Lotus. After buying Caterham the car company in 2011, Tony and gang renamed Team Lotus to Caterham F1 Team.

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Paul Tan

After dabbling for years in the IT industry, Paul Tan initially began this site as a general blog covering various topics of personal interest. With an increasing number of readers paying rapt attention to the motoring stories, one thing led to another and the rest, as they say, is history.

 

Comments

  • letstorque on Jul 03, 2014 at 12:23 am

    What a spin doctor

    First, denied, said wont sell.
    Then said only want to find investor/partners.

    Now, sell.

    Almost every month different statement. And contradict each previous statement.

    Cannot be trusted.
    Just like Dr M.

    Like or Dislike: Thumb up 65 Thumb down 46
    • Pontiac on Jul 03, 2014 at 8:59 am

      When tun M says he want to build petronas twin tower, he will def build
      When tun m says he want to build putrajaya, in the end, putrajaya is awsome
      When tun m says he want to build sepang f1 circuit, our sepang now are one of the best circuit ever.
      Since when tun m are flip flop.

      Well-loved. Like or Dislike: Thumb up 82 Thumb down 32
      • letstorque on Jul 03, 2014 at 10:56 am

        I dont say Dr M flip flop, but cannot be trusted.
        Will use anybody or any organisation for his own agenda.
        Take Perkasa as example. Just a tool for him. For his own agenda.

        Tony, will use anybody for his own agenda.
        Pahamin Rejab, Rafidah, who else……son of the chairman of Perodua( then), can’t remember that guy.

        Like or Dislike: Thumb up 18 Thumb down 37
        • Ya laa, Kit Siang better. Not flip flop. 30 years ago he said Malaysia don’t need Penang bridge and PLUS highway. Luckily nobody listened to him, or else we need to drive 12 hours from Penang to KL. Crazy huh.

          Like or Dislike: Thumb up 45 Thumb down 6
          • You got to admit, Penang is doing very well today under his son.

            And seems others flip flop much more often.

            Also, maybe the fella objected not the projects directly, butbecause to build the bridge, and the highway, too many $$$ masuk pockets to build. In fact, we are still suffering from the PLUS “secret contracts” today. We are getting raped by the highway concessionaires every time we pay toll. Even if we pay less toll, the gahmen REIMBURSE them with OUR tax money.

            Like or Dislike: Thumb up 15 Thumb down 30
      • wooot on Jul 03, 2014 at 11:06 am

        wait, but when racism and country’s debt got problem, what happened?

        Like or Dislike: Thumb up 4 Thumb down 4
      • When tun M says car in Malaysia have to sell at high price, Wow!!! now this is an awesome reality.

        Like or Dislike: Thumb up 23 Thumb down 7
      • pondan on Jul 03, 2014 at 1:23 pm

        When tun m say to make affordable car. ..??????

        NoNow tun m say raise car price… how????

        When tun m say to hand over the gov to his successor, still he screwing his successors….

        When tun m say too much tongkat mentality, now asking more tongkat for proton… how???

        Pls blind supporter… go back and get to know your facts.

        After all the mega, giga, projects from tun m, who are paying the bill? Tun m?

        *** moron ***

        Like or Dislike: Thumb up 18 Thumb down 10
      • Gargantia on Jul 03, 2014 at 4:25 pm

        Tun DrM himself use gov money not his own money. wake up la U being brain waste…

        Like or Dislike: Thumb up 12 Thumb down 7
      • towar on Jul 10, 2014 at 6:09 pm

        its very easy to talk if not using your money.
        i also can say want to build a 100 storey tower if using taxpayers money .

        Like or Dislike: Thumb up 1 Thumb down 1
    • whocares on Jul 03, 2014 at 11:29 am

      True in some sense but whats it to you letstorque? Tony pissed you off with the spin because you wanted to buy???!!

      Duit dia! Mangkuk,suka dia la dia nak buat apa!

      Punggah!

      Like or Dislike: Thumb up 20 Thumb down 3
    • Abah Ko on Jul 03, 2014 at 6:03 pm

      lim guan eng, lim kit siang is even worst.

      Like or Dislike: Thumb up 16 Thumb down 4
    • stayobjective on Jul 04, 2014 at 10:55 pm

      Yang ko pi dengki kejayaan dia apasal? Kalau kau tak ada pemikiran untuk berjaya tetapi hanya menuduh seluruh dunia tidak adil, anda tidak akan berjaya bro. fahami diri sendiri sebelum mencaci orang lain.

      Like or Dislike: Thumb up 3 Thumb down 0
  • Just another crony con job. Welldone.

    Like or Dislike: Thumb up 12 Thumb down 19
  • xem6861 on Jul 03, 2014 at 3:29 am

    Made billions.

    Like or Dislike: Thumb up 6 Thumb down 3
  • Anti-Establishment on Jul 03, 2014 at 5:43 am

    Good riddance.

    Like or Dislike: Thumb up 4 Thumb down 4
  • jinggo on Jul 03, 2014 at 7:56 am

    ini F1 bisnes susah mau buat untung ma.. kasi juai suda.. janji tarak lugi lor..

    Like or Dislike: Thumb up 12 Thumb down 1
  • Lemer on Jul 03, 2014 at 7:59 am

    Automotive business is tough and very competitive, only the finest and one with automotive knowledge and pasion would move on and keep going.

    Like or Dislike: Thumb up 8 Thumb down 1
    • True.. but F1 is NOT an automotive business and very far removed from it.

      Like or Dislike: Thumb up 3 Thumb down 2
  • torque on Jul 03, 2014 at 8:01 am

    Jangan lupa bayar hutang tu Mr. Tony!! :p

    Like or Dislike: Thumb up 15 Thumb down 1
  • Joe Radzif on Jul 03, 2014 at 8:08 am

    Lawak Jenaka…

    Like or Dislike: Thumb up 1 Thumb down 2
  • Painter on Jul 03, 2014 at 8:09 am

    Tony never had any interest in F1 or motorsport, to begin with. He’s just thinking how his F1 team could help promote his Air Asia. Too bad it didn’t work the way he wanted it to.

    Good thing that people like him who has no passion for motorsport don’t stick around very long. They’re the ones ruining Formula 1. No interest whatsoever in developing the industry, only join in to make money.

    Thanks Mercedes, Ferrari, Shell, Petronas and a handful few more who help improve the automotive world through advances in technology.

    Well-loved. Like or Dislike: Thumb up 53 Thumb down 2
  • kcng (Member) on Jul 03, 2014 at 8:41 am

    go F yourself pariah, what a shame to Malaysian!

    Like or Dislike: Thumb up 7 Thumb down 28
  • every year he said to fight on. this is the year he finally give up. he cud have done it (giving up) years ago, and saves all the trouble & money.
    And not a single point to show. Not really an inspirational story eh.

    Like or Dislike: Thumb up 7 Thumb down 1
  • Josh Ling on Jul 03, 2014 at 8:53 am

    won’t be surprised if Tony decides to sell Caterham Cars in the future too….he’s very obviously only after profit. He’s an ACCA accountant after all.

    Like or Dislike: Thumb up 15 Thumb down 1
    • Black Dog on Jul 03, 2014 at 12:13 pm

      Of course doing business have to make profit. So you are a fan of MAS? losing billions public money tak apa lah?

      Like or Dislike: Thumb up 4 Thumb down 4
  • anonymous on Jul 03, 2014 at 9:48 am

    Tony is all hype… always have been… always will…
    the writing was on the wall from day one… a whole lot of people was of the opinion that he has no knowledge how to manage and develop an F1 team nor the passion for F1 even since the get go…! he just wanted the hype to help promote his AirAsia..! Not everything is about PR and hype.. duhh.

    Like or Dislike: Thumb up 7 Thumb down 1
  • good moev tony boy.

    Our fren bought the F1 team cheap, used to promote AirAsia and now sell for RM1.9 bil!!.

    That is smart. At least he didn’t ask for bail out from the govt.

    Like or Dislike: Thumb up 10 Thumb down 1
    • Not sure if it can really be called ‘smart’. I would call it, ‘cutting losses’.

      He did not ‘buy’ the team cheap. He invested and built a new team himself and in F1 you get what you pay for. Actually it seemed they spent more than Marussia and got less result. Pretty low bang for buck.

      He probably valued the venture at an average GBP70M annual budget which is typical of an F1 team at his performance level, times 5 years (2015 budget included) and got that GBP350M price. Btw no one knows at what price Tony agreed to sell the team. Very likely lower.

      Like or Dislike: Thumb up 2 Thumb down 0
    • SureRock on Jul 03, 2014 at 1:28 pm

      Nuh…he will only ask super discount given for airport tax AA collected beforehand…preferable pay by installment and another discount review in 5 years…

      lol….

      Like or Dislike: Thumb up 1 Thumb down 0
  • pondan on Jul 03, 2014 at 1:39 pm

    Biz is biz… if it’s loosing money… sell it.

    Unlike the lousy MAS with no profit since donkey years back sucking tax payers money to finance their cronies and high life top management lifestyle. That’s what I call stupid biz and can only be done by clever owner that have ways to pay by tax payer’s money

    Like or Dislike: Thumb up 8 Thumb down 0
    • pondan on Jul 03, 2014 at 1:40 pm

      Oh ya… that goes for proton too… lousy biz yet still backed by tax payers money directly or indirectly. ***stupid***

      Like or Dislike: Thumb up 8 Thumb down 3
      • orangminyakenjin on Jul 04, 2014 at 9:05 am

        Halo..what does Proton had to do with this issue..find another punchbag arr..sikit sikit Proton boring arr..

        Like or Dislike: Thumb up 2 Thumb down 1
        • pondan on Jul 04, 2014 at 4:11 pm

          I tahu jugak tapi proton ni is a pain in the arse. Refuses to go away. Apa nak buat? I pun victim to this egoistic car company.

          Like or Dislike: Thumb up 0 Thumb down 0
  • This pariah does overnight placement of Tunes share he never own and got rm134million in 1day

    Like or Dislike: Thumb up 4 Thumb down 1
    • pondan on Jul 03, 2014 at 4:39 pm

      do you work as hard as he did or as long hour as he did?

      if not, please go back and minum your susu cap BN.

      Like or Dislike: Thumb up 8 Thumb down 9
  • simon on Jul 07, 2014 at 12:42 am

    At least Tony gets to see Richard in drag.

    Like or Dislike: Thumb up 0 Thumb down 2
  • Crappy Talkers on Nov 17, 2014 at 12:02 pm

    F1 is a money making industry. You guys are talking about the economy in malaysia. Tony Fernandes is playing in the international trade. It has nothing to do with PERKASA, Tun M and other political matter of fact.
    If you are not making any profit out of a business, why still run it? we would definitely sell it right..same applies here…Caterham F1 not making profits so he sell it.

    Like or Dislike: Thumb up 0 Thumb down 0
 

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