It’s getting curiouser and curiouser. Now the new buyers have turned over the team to the administrators in an official statement:
“Following a request of yesterday evening at 21.55hrs CET from Caterham Sports Limited’s administrators and the legal advisors of Mr Tony Fernandes’ related EXIM Bank, representatives of 1MRT/Caterham F1 Team have agreed, with all rights reserved, to hand-over management of the Caterham F1 Team to the adminatrator Mr Finbarr O’Connell in the higher interest of allowing the team to continue operating and preparing for the next events.”
It’s unclear on just how the administrator’s (Smith & Williamson seized control of the Leafield factory last week) will continue to compete and run the team in Austin next weekend but it seems that Mr. Finbarr O’Connell has a lot on his plate at the moment.
Can the team muster some resources, cash and potential back-payments from the “new buyers” in order to get the operating capital needed to finish the season? Will payroll clear? Will tony Fernandes step back in? Will administrators, Smith & Williamson, pony up some cash to get things going? Will the bank/creditor?
According to AUTOSPORT, the administrators have received special dispensation to miss the next two races from Bernie Ecclestone releasing a statement that said:
“In a telephone conversation today between Finbarr O’Connell and Bernie Ecclestone, Mr Ecclestone agreed to support the administrators in their wish to sell the Formula 1 team to a party with the financial strength to sustain it into the future.
“Mr Ecclestone also agreed to give dispensation to Caterham F1 such that it could if necessary miss the US and Brazilian Grands Prix but hoped that a new owner would be in a position to race the team at the Abu Dhabi Grand Prix.”
Hat Tip: James Allen and AUTOSPORT
