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Formula 1: Catherham sold to Swiss, Middle Eastern investors

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The Caterham F1 Team confirmed via press release on Wednesday, July 2, that Tony Fernandes and his partners have sold the team to a consortium of Swiss and Middle Eastern investors, advised by former F1 Team Principal Colin Kolles.

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Under the terms of the sale, the team will continue to race as Caterham F1 Team and will remain based at Leafield for the foreseeable future.

The new ownership takes charge with immediate effect. Former Dutch F1 driver, Christijan Albers, assisted by Manfredi Ravetto, will take over the day-to-day running of the team, reporting directly to the board and replacing Cyril Abiteboul who will leave the team to pursue new challenges.

According to Formula 1, "Abiteboul moves on after 18 months at the helm of Caterham, having taken over from Tony Fernandes as team principal at the end of 2012."

Christijan Albers commented, "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 tenth place in the 2014 Championship. 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."

According to Formula 1, Caterham currently sits at 11th place out of 11 teams currently racing in the 2014 season. Like Sauber which is right above it at 10th, the Caterham team has yet to accumulate any points.

Catherham drivers this season are Marcus Ericsson and Kamui Kobayashi. The team is racing with a Renault power unit, a feature that is causing four-time defending championship team Red Bull problems this season.