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.” 

Malaysian report suggest Caterham up for sale, and a snip at $589 Million.

A report in Malaysia suggests that Tony Fernandes has put the British-based Caterham Group of motorsport, automotive and engineering companies up for sale.

Malaysian business journal The Edge, citing an unidentified source, reported on Sunday that group chairman Fernandes is looking for $589m (about £350m) for the whole business. 

In addition to Caterham Cars and the Formula 1 team, the group includes engineering specialist Caterham Technology and Innovation (CTI ) and Caterham Composites. 

The Edge’s report also said that a memorandum detailing the intention to sell has been circulated in the Middle East.

Back in 2011, Fernandes appeared to have secured the long-term future of Caterham Cars when he acquired the company from venture capitalist group Corven.

His ambitions to expand the size and scope of Caterham Cars experienced a setback earlier this year when it was confirmed that its sportscar collaboration with Renault had been annulled.

Additionally, the manufacturer’s plans to bring the striking AeroSeven concept to production have been delayed because customer feedback prompted an overhaul of the car’s design.

At the start of the year Fernandes said he could quit Formula 1 unless his team’s results improved. 

After six races Caterham is bottom of the constructors’ championship, and lost ground when fellow minnow Marussia scored its first-ever points in Monaco on Sunday.

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