With the British Grand Prix at Silverstone less than a week away, Caterham Group have announced the sale of its Formula 1 operations to a Swiss and Middle-Eastern backed consortium headed by former Spyker and HRT team principal Dr Colin Kolles. The team is expected to the Caterham F1 name, at least for the foreseeable future.
The Caterham F1 team has had a disappointing 2014 season so far and have yet to score points, and while the Formula 1 operation has been sold off the Caterham Group continues to own Caterham Cars, Caterham Composites, Caterham Technology & Innovation, Caterham Racing (GP2), Caterham Moto Racing (Moto 2), and Caterham Bikes. Despite a lack of success on the Grand Prix circuit, other areas of the business have flourished and with order books for Caterham Cars full until January next year the company has recently announced an increase in production.
Graham Macdonald, Caterham Group CEO: “Firstly I want to thank everyone who was involved in the F1 team for all their hard work and dedication since the team’s first days in 2009. We have now secured an exciting new future for the F1 team with Dr Kolles that will allow the Caterham name to remain in Formula 1, giving us all the benefits of that exposure but also allowing us to focus our resources on new Caterham product development whilst leaving F1 to enter an exciting new chapter under the guidance of the new owners. “The future for us now lies with all the exciting brands that make up Caterham Group. We will be looking to maximise the benefits of the F1 platform across all our brands , working closely with the new team owners, and our core focus is still on launching the brand new two-seat Caterham Car, a project we will be making more announcements about in due course.”
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