Colin Kolles has tonight issued the following:

Jose Ramon Carabante has signed an agreement with the other shareholder that will bring him to the front line of Formula One as Carabante becomes the new majority shareholder and takes control of the Campos Meta 1, the Spanish Formula One team which will make its debut at the start of the 2010 season.

Carabante, a dynamic Spanish entrepreneur and businessman was already a partner and president of the team and reached this agreement to ensure that the team would be ready to race at the first round of the FIA 2010 F1 Championship season in Bahrain. Carabante has confirmed that the team HQ will remain in Spain. Dr Colin Kolles (43) will be appointed Team Principal and Managing Director to ensure the team is fully operational and ready to make its Bahrain debut next month.

Jose Ramon Carabante said: "I would like to thank Bernie Ecclestone, who worked tremendously to support our efforts to keep the team viable. The whole rescue operation has been a race against time with the goal of always having the team run two competitive cars at the first Grand Prix of the F1 season in Bahrain. We have a lot of hard work still ahead of us but we are excited about making our F1 debut and looking forward to a competitive season."

On Saturday, February 20 - Jose Ramon Carabante, president of Campos F1, appointed Kolles as Team Principal and Managing Director of Campos F1, the Spanish Formula One team which will make its debut at the start of the 2010 season.

Dr Colin Kolles, Team Principal and Managing Director said: "I could not resist this tremendous challenge and am very excited to join forces in this new team. Over the next ten days we will review the entire operation, find the extra funding to ensure the team will make the first race in Bahrain, announce the line-up for 2010 in due time and make the operation viable under Jose Ramon Carabante's new ownership."