Caterham dumps F1 team amid rumours of unrest from inside the team. No loss really !

Caterham Group has confirmed that it has sold its F1 team to a consortium of Swiss and Middle-Eastern investors. All other Caterham Group brands – Caterham Cars, Caterham Composites, Caterham Technology & Innovation (CTI), Caterham Racing (GP2), Caterham Moto Racing Team (Moto2) and Caterham Bikes, remain as core elements of Caterham Group under the direction of CEO Graham Macdonald and shareholders Tony Fernandes and Kamarudin Meranun.

The sale of Caterham F1 Team now allows Caterham Group to focus on its core activities and continue to see them develop and flourish. The order book for Caterham Cars is full until January 2015, with the company having to ramp up production from September this year to satisfy increasing and unprecedented global demand for the legendary Seven. Similarly, Caterham Composites has increased its workload in the aviation, marine and automotive sectors and CTI continues to win new third party contracts in addition to the development of the new flagship Caterham two-seater sportscar, codenamed C120, amongst other projects.

Graham Macdonald, Caterham Group CEO: “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.

“The future for us now lies with all the exciting brands that make up Caterham Group. We will be looking to maximise 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.”