There has been some updates to the sad drama surrounding the Caterham F1 Team. The representatives of 1MRT/Caterham F1 Team have agreed to hand-over full management of the team to the administrator Finnbarr O’Connell from London-based accountancy firm Smith & Williamson.
O’Connell is essentially now the team principal of the ‘very cash-strapped team’ – which were his own choice of words to describe the team that he now has to run while finding a buyer.
The team has been put into administration because of debts of about £12 million (RM63.3 million). It’s factory at Leafield was closed earlier this week and staff have been told not to return until a deal is concluded. This means the team could miss the US and Brazil races.
F1 supremo Bernie Ecclestone says he will allow Caterham to miss the two races to focus on finding a buyer, but hopes that the team will be able to compete at the final race of the reason in Abu Dhabi.
The bailiff in charge of this case – The Sheriffs Office – have posted a couple of photos on their Twitter account over the past week showing some of the items that have been seized. Here are some of them.
Just one of the #CaterhamF1 steering wheels seized by us to be sold by Administrators to repay creditors. #F1 pic.twitter.com/gajx8hmBws
— The Sheriffs Office (@sheriffsonline) October 24, 2014
The 20 #F1 wheels will have Pirelli tyres removed (owned by Pirelli) before being sold by Administrators #CaterhamF1 pic.twitter.com/R4ExuzRF9H
— The Sheriffs Office (@sheriffsonline) October 24, 2014
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Thats sad to see an F1 team being stripped of its assets mid-end season. Luckily, Kobayashi managed to compete in his home race in Japan. Else the Japanese fans would have been disappointed. Now there are rumours Marussia missing the USGP as well, due to financial problems. With Jules Bianchi in the race of his life in hospital, this has to be the saddest F1 season in years. Guess the cost cutting measures are still not adequate. F1 seriously needs to rethink their long term strategy to survive. It can’t be losing so many cars from the grid like this during an active season.
To Tony, it’s just pure business. Do you think he cares about the fate of those diligent Caterham F1 team? I doubt so.
Men like this better be off the motorsports. They’re the one driving the industry down, all for sheer profit.
Caterham F1 Team Statement:
On 29 June 2014, Caterham Enterprises Ltd, Caterham (UK) Ltd and Sheikh Mohamed Nasarudin (Seller) and their shareholders Tony Fernandes and Datuk Kamarudin Bin Meranun entered into a Sale and Purchase Agreement (SPA) with Engavest SA (Buyer) with regards to 1Malaysia Racing Team Sdn Bhd/Caterham F1 Team.
Since the date of the Agreement, the Seller has refused to comply with its legal obligations to transfer their shares to the Buyer. The Buyer has been left in the invidious position of funding the team without having legal title to the team it had bought. This is in total contradiction to the Seller’s press release of 3 October 2014 which stated that Mr Fernandes and his Caterham Group had no longer any connection with the Caterham F1 Team.
The administrators of Caterham Sports Limited have been appointed on behalf of Export-Import Bank of Malaysia Berhad (Exim), a creditor of Mr Fernandes and the Caterham Group. The Buyer has no connection with Exim. Caterham Sports Ltd was a supplier company to the Caterham F1 Team. Very regrettably, the administrators’ appointment has had devastating effects on the F1 Team’s activities. Since their appointment, the administrators have released various press statements which have been severely detrimental to the management of the Caterham F1 team.
After three months of operating the Caterham F1 Team in good faith, the Buyer is now forced to explore all its options including the withdrawal of its management team. Lawyers have been instructed by the Buyer to bring all necessary claims against all parties, including Mr Fernandes who, as an owner, will run the F1 operation.
Read more at http://www.caterhamf1.com/news/2014/caterham-f1-team-statement-(1)#susXFtiuOg8I4Txy.99