Caterham F1 sold to consortium

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Adam Cooper

A Swiss-Middle Eastern consortium is understood to be behind the takeover of Caterham F1, in a deal that will be confirmed in the coming days.

It's believed that the consortium members, including interests from Dubai, intend to keep a low profile. The deal was brokered by a former F1 insider who will retain a role as an advisor.

Current Team Principal Cyril Abiteboul is to return to Renault's Viry engine division with the full support of Red Bull. His initial task will be to give the beleaguered organisation some direction as it prepares to upgrade the current engine for 2015.

A new team principal and new technical direction will be installed at Caterham's Leafield base, and it's understood that their brief will be to improve the efficiency of the team – and try to ensure that it finishes in the top 10 of this year's World Championship.

The Caterham name will be retained and there are no plans to request a change for 2015 and beyond.

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Adam Cooper <br />
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Caterham F1 has been bought by a Swiss-Middle Eastern consortium in a deal brokered by former Force India and HRT boss Colin Kolles. <br />
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Kolles will remain as a consultant to Caterham,...

[bigbadbrother]

LEAFIELD, England (AP) Formula One team Caterham has been sold to a group of Swiss and Middle Eastern investors led by former HRT team boss Colin Kolles.

The team announced the sale on Wednesday with immediate effect, meaning Caterham will be under new ownership and management for this weekend's British Grand Prix.

Former F1 driver Christijan Albers takes over as team principal, assisted by Manfredi Ravetto, replacing Cyril Abiteboul.

The team will still be called Caterham for the immediate term, and remain at its base in Leafield.

''We are aware of the huge challenge ahead of us given the fight at the bottom end of the championship and our target now is to aim for 10th place in the 2014 championship,'' Albers said in a team statement.

''We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of.''

Air Asia boss Tony Fernandes founded the team which entered F1 in 2010 under the Lotus name, but warned at the start of this season that he would look to sell if there was no upturn in performance. The team is last in the current standings and has not scored a championship point in five years of racing.

The team statement made no mention of the ownership of the Caterham GP2 team or the Caterham sports car business.

Kolles' part in the Caterham takeover appears to have ended his other avenue of return to F1, as he had been involved in the Romanian-based Forza Rossa team which was aiming to enter F1 next season.

Kolles was formerly involved with the defunct Midland and Spyker teams which were taken over by Force India, remaining throughout the changes of ownership. He also was involved with the short-lived HRT team which also entered the series in 2010.