02/11/2014
NEWS STORY
Administrators for the Caterham team have allegedly ignored the enquiries of a potential saviour for the squad. The news comes just days after Smith & Williamson, administrators for the team, announced it had just two weeks in which to find a buyer.
We understand contact from a prospective investor was made early last week with the party interested in buying the team as a means of entering Formula One.
No response was received from the team or administrators, while sources suggested to this writer that a lack of clarity over who exactly owns the team, coupled with the preservation of its 2015 entry, has left administrators distracted.
It is believed Caterham's formal entry in to the 2015 Formula One World Championship was due to be set in stone yesterday, a key moment in the future of the team.
Without an entry the team has no value to a prospective buyer, almost mandating that administrators carve the company up for sale. Should it be listed as a formal entry for next season it could remain an attractive proposition for a new investor, should administrators allow them time to develop and propose a business plan.
One other possibility is Tony Fernandes stepping back in to save the team from collapse once any excess workforce and a large part of its outstanding debt is dealt with by the administrators. Such a scenario may buy the team some time until an investor can be found, though there has been no indications such a move is on the table.
The next week will therefore prove crucial for the Leafield based squad. With at least one investor said to have been blanked and the administrator's deadline for a new owner closing, the stakes are rising in the team's battle for survival.
Mat Coch