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F1 team Caterham sold to Kolles-led group

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LEAFIELD, England (AP) - Formula One team Caterham has been sold to a group of Swiss and Middle Eastern investors led by former HRT team boss Colin Kolles.

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The team announced the sale on Wednesday with immediate effect, meaning Caterham will be under new ownership and management for this weekend's British Grand Prix.

Former F1 driver Christijan Albers takes over as team principal, assisted by Manfredi Ravetto, replacing Cyril Abiteboul.

The team will still be called Caterham for the immediate term, and remain at its base in Leafield.

''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 10th place in the 2014 championship,'' Albers said in a team 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.''

Air Asia boss Tony Fernandes founded the team which entered F1 in 2010 under the Lotus name, but warned at the start of this season that he would look to sell if there was no upturn in performance. The team is last in the current standings and has not scored a championship point in five years of racing.

The team statement made no mention of the ownership of the Caterham GP2 team or the Caterham sports car business.

Kolles' part in the Caterham takeover appears to have ended his other avenue of return to F1, as he had been involved in the Romanian-based Forza Rossa team which was aiming to enter F1 next season.

Kolles was formerly involved with the defunct Midland and Spyker teams which were taken over by Force India, remaining throughout the changes of ownership. He also was involved with the short-lived HRT team which also entered the series in 2010.

AP NEWS
The Associated Press News Service

Copyright 2014
The Associated Press
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