Fernandes: F1 needs to take a look at itself

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Former Caterham F1 Team owner Tony Fernandes has taken to Twitter to share his thoughts on the current financial strife that the operation is facing.

Fernandes brought Caterham into F1 back in 2010, setting up the team as Lotus Racing. However, after five seasons, he sold the team back in June of this year, claiming that “F1 hasn’t worked”.

The team was reportedly sold to a consortium called Engavest, which took over the day-to-day running of the team with former F1 team principal Colin Kolles brokering the deal. Christijan Albers was put in charge as team boss, only for him to resign after two months in charge for private reasons.

However, it emerged earlier this week that both Fernandes and Engavest claimed that they had not received what they were due, resulting in Caterham entering administration. It has now been taken over by the administrators who are looking for a new buyer. Until such a time, the workers will not be returning to the factory, nor will the team be racing.

On Sunday morning, Fernandes took to Twitter to make his thoughts known.

His assessment comes just one day after Bernie Ecclestone confirmed that Marussia would also not be racing in the United States next weekend, reducing the grid to just eighteen cars. The Anglo-Russian team has also hit financial difficulties in recent months, and is expected to enter administration soon.

Engavest claims that it did pay Fernandes all of the money he was due, but failed to receive the shares for the team. Fernandes has recently sold the Caterham Racing GP2 team to Status Grand Prix, meaning his sole remaining motorsport interest comes in his Caterham Moto motorcycle racing team in the Moto 2 championship.

Besides this, Fernandes also owns Queens Park Rangers football club and the successful AirAsia airline.

Although the financial crisis currently hitting F1 has been predicted for some time, it is unlikely that the big powers will recognize this and actively look to make a change in the years to come to stop more teams such as Caterham and Marussia from collapsing.