Administrator takes over running of Caterham F1 Team

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Caterham F1 Team has today confirmed that it is now being run by its administrator, Finbarr O’Connell, after the management previously in charge at Leafield stepped back in the interest of the team.

Over the past two days, the saga surrounding Caterham’s ownership came to a head as both the previous owner, Tony Fernandes, and the proposed new owners, Engavest SA, claimed that the opposite party had broken the agreement in place.

On Friday, it was confirmed that the administrator had locked the staff out of the factory, putting the team’s chances of making the United States Grand Prix in serious doubt as a war of words between Fernandes and Engavest ensued.

Today, the team has issued the following statement:

“Following a request of yesterday evening at 21:55hrs CET from Caterham Sports Limited’s administrators and the legal advisors of Mr. Tony Fernandes’ related EXIM Bank, representatives of 1MRT/Caterham F1 Team have agreed, with all rights reserved, to hand over management of the Caterham F1 Team to the administrator, Mr. Finbarr O’Connell, in the higher interest of allowing the team to continue operating and preparing for the next events.”

With Caterham due to fly out to Austin, Texas over the weekend, there is now a race against time for the team to get everything in place to compete at the Circuit of the Americas on November 2nd.

However, with the employees still locked outside of the factory, it is hard to see the backmarkers racing unless there is a remarkable turnaround in events.