Caterham F1 confirms change of ownership

Caterham F1 Team is under new ownership after Tony Fernandes sold his interest following uncertainty over the team's future.

The Leafield-based squad confirmed that Fernandes and his partners have sold the operation to a consortium of Swiss and Middle Eastern investors, advised by former F1 team principal Colin Kolles. Under the terms of the sale, the team will continue to race as Caterham F1 Team and will remain based at Leafield for the foreseeable future.

The new ownership takes charge with immediate effect. Former Dutch F1 driver Christijan Albers will take over the day-to-day running of the team, assisted by Manfredi Ravetto and reporting directly to the board. He replaces former team principal Cyril Abiteboul, who will leave the team to pursue new challenges, thought to involve Renault's engine development at Viry-Chatillon.

Ravetto, like Kolles, was heavily involved in the HRT team before it closed its doors at the end of 2012, while Albers drove for Kolles during his time at the head of the Jordan/Midland/Spyker operation. The Dutch ace also joined Kolles' sportscar team, and was due to drive for the Romanian at this year's Le Mans 24 Hours before the team withdrew. Kolles, meanwhile, has most recently been named as team principal of the Forza Rosso effort trying to secure an entry to the F1 world championship.

"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 2014," Albers announced, "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."

As yet there is no clear indication as to the plans of the new owners beyond the end of the season, with Fernandes retaining ownership of Caterham Cars.