In the wake of the announcement of a sports car collaboration between Caterham and Renault, Tony Fernandes has stepped down as team principal of the Anglo/Malaysian F1 team.

Fernandes, who has numerous business interests including AirAsia and English football club Queens Park Rangers, announced the decision in an interview with Autocar.

"On the racing side we have come to the conclusion that it is better if someone else takes over the team principal role to move forward," said Fernandes, who revealed that deputy chairman Dato' Kamarudin Meranun is also stepping down. "We are definitely better at business than finding tenths of seconds around a lap.

"It was right for us to lead the team initially and set a template of how it should be," he continued. "That vision is now set and the team is ready to move forward to the midfield."

Although he was not willing to name him, Fernandes says that he has chosen his successor and he has agreed to take on the role.

"I know who it will be, and can tell you that today as I had confirmation earlier," he said. "But I cannot tell you their name yet. All I can say is that they are from within F1."

Some are already suggesting newly appointed CEO Cyril Abiteboul who recently joined the team from Renault.

There are also whispers that is not well financially with the team, and that, like several others, it is seeking fresh investment.

Should it fail to win back tenth place in the Constructors' Championship, the financial hit would place a further burden on the team.