Caterham “not for sale” says Fer­nan­des

F1 Racing - - INSIDER -

The AirAsia boss de­nies me­dia claims that he is seek­ing to wash his hands of his un­der­per­form­ing F1 team

Caterham boss Tony Fer­nan­des has in­sisted he is still com­mit­ted to For­mula 1 in the wake of claims that his team is up for sale.

In Jan­uary, he said he would quit F1 if the team’s per­for­mances did not im­prove, and this year, de­spite a best-ever fin­ish of 11th in Monaco, they re­main at the bot­tom of the con­struc­tors’ standings. A Malaysian news­pa­per then stated he was seek­ing £350mil­lion for the Caterham Group, and was cir­cu­lat­ing in­for­ma­tion mem­o­randa in the Mid­dle East.

Caterham have dis­missed these claims as “fac­tu­ally in­cor­rect”, claim­ing that Fer­nan­des and co-owner Datuk Ka­marudin Bin Mer­a­nun are “wholly com­mit­ted to the Caterham brand”. Fer­nan­des said: “Caterham Group is not for sale. We love what we build and are al­ways look­ing for fur­ther in­vest­ment. This is no dif­fer­ent to how we started AirAsia. Yes, we con­stantly chal­lenge our­selves and make de­ci­sions on ev­ery­thing from the struc­ture to projects within the group. That is nor­mal busi­ness. That does not mean we are sell­ing.”

The team have faced un­cer­tainty for some time. Last year, a deal was struck to merge Caterham and Marussia – ef­fec­tively a takeover bid by Fer­nan­des – only to fall down at the 11th hour.

F1 Rac­ing un­der­stands Caterham are ac­tively seek­ing in­vestors and could be open to a sale, were the right buyer to make a de­cent of­fer.

Fer­nan­des: “We con­stantly chal­lenge our­selves. That is nor­mal busi­ness. That does not mean we are sell­ing”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.