24/10/2014
NEWS STORY
Bernie Ecclestone has given Caterham permission to miss the next two rounds of the season.
Late this afternoon it was revealed that the administrators of Caterham Sports Limited (CSL), Finbarr O'Connell and Henry Shinners of Smith & Williamson have agreed terms to acquire the share capital of 1MRT, the Malaysian company which holds the licence to participate in the Formula One World Championship.
On this basis the administrators now have the ability to sell the Caterham Formula 1 Team including the operations at Leafield.
"This includes the Formula 1 licence, the racing cars, the designs and intellectual property for current and future seasons plus the workforce and all of the technical support provided to the racing team by CSL from the Leafield Technical Centre," explained Henry Shinners, administrator from Smith & Williamson. "Purchasing the assets would give the buyer ready access to F1 racing."
In a telephone conversation between Finbarr O'Connell and Bernie Ecclestone, the F12 supremo agreed to support the administrators in their wish to sell the team to a party with the financial strength to sustain it into the future.
Ecclestone also agreed to give dispensation to Caterham F1 such that it could if necessary miss the U.S. and Brazilian Grands Prix but hoped that a new owner would be in a position to race the team at Abu Dhabi.
Mr Colin Kolles, the previous principal of the team offered today to hand over management control of 1MRT to the administrators. Lawyers for the administrators and Mr Kolles are currently working on the paperwork to effect this transfer.
The administrators have already been contacted by a number of interested parties expressing a wish to buy the team and they hope that a transaction with an operator of substantial financial means can be concluded in the next few weeks.
It is hoped that any purchaser of the F1 team will take over the employees and that they will be able to recommence their work including that at the Leafield site
"We believe this arrangement gives us a much better chance of being able to reach a better conclusion for the racing team and its creditors," said Finbarr O'Connell. "While this is a great step forward in making the whole team and assets more attractive, there is no need for the staff of 1MRT to return to the Oxford site in Leafield until a sale of the team occurs.
"This is a difficult situation which is not of our making. We regret any personal impact on 1MRT's employees. As administrators for CSL, we are seeking to maximise the outcome for its creditors and other stakeholders."