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MOTORSPORT: Fernandes calls time at Caterham
11:00am Wednesday 9th July 2014 in Sport
Tony Fernandes has finally brought the curtain down on his troubled ownership of the Leafield-based Caterham team.
After four and a half years on the F1 grid without a point to their name, spending more than £250m in the process on the organisation, Fernandes has sold Caterham to a consortium of Swiss and Middle Eastern investors.
Under the terms of the sale, the team will continue to race as Caterham F1 Team and will remain at their current base for the foreseeable future.
They will be advised by Colin Kolles, who has previously been involved in F1 with Midland, Spyker, Force India, and most recently was team principal of HRT prior to their closure after three years.
Former Dutch F1 driver Christijan Albers, assisted by Manfredi Ravetto, are to take over the day-to-day running of the team.
Albers drove for Minardi, Midland and Spyker over three seasons from 2005-07, the last two working with Kolles.
Cyril Abiteboul, who had been team principal, has left to “pursue new challenges”.