Struggling Formula One team Caterham has been sold to a consortium of investors from Switzerland and the Middle East. The team, which has failed to make headway in F1 since joining the sport in 2012, will continue to compete under the Caterham banner and be run from the current headquarters in Leafield, England.

Caterham F1 will also keep its Malaysian license for now, but will be controlled by its new owners with immediate effect. Christijan Albers, who drove for the previous Spyker F1 team, will work together with former HRT man Manfredi Ravetto in the day-to-day running of the team. They will report directly to the board and replace Cyril Abiteboul, who is leaving the team to pursue new challenges.

The main advisor to Caterham F1’s new owners is Colin Kolles, who headed the former HRT team and also founded German racing team Kodewa. There have been rumors that Kolles was looking to return to F1 with a new Romanian team called Forza Rossa Racing.

"We are aware of the huge challenge ahead of us given the fight at the bottom end of the championship and our target now is to aim for tenth place in the 2014 championship,” Albers said in a statement. “We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of."

Caterham F1’s former owners, Malaysian businessman Tony Fernandes and his partners, are still in charge of Caterham’s road car division and other affiliates. Fernandes did say prior to the start of the 2014 motorsport season that he would sell the team if it failed to make any progress. Caterham F1 is tied for last place with Sauber in the 2014 Constructors’ Championship. Both teams have zero points.

It was reported back in May that Fernandes was looking to sell the entire Caterham group, however, it appears that only the F1 team has been sold. Part of the sale terms was that the F1 team’s new owners must continue to compete under the Caterham banner.

In closing his @CaterhamF1 Twitter account, Fernades said: "F1 hasn't worked, but love Caterham Cars."


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