Clock is ticking for Caterham to meet Austin deadline

  • Published on 24 Oct 2014 08:40
  • comments 0
  • By: Rob Veenstra
The clock is ticking down to struggling F1 backmarker Caterham's apparent collapse. With the Saturday freight deadline for sending cars and equipment to Austin now just hours away, staff remain locked out of the Leafield factory while an unseemly spat continues to escalate between the team's former and current owners.

Former owner Tony Fernandes, the well-known Malaysian entrepreneur, broke his silence on Thursday by insisting that the new buyer called 'Engavest' has not paid up. "There was no legal obligation to transfer the shares to them unless certain conditions - which included paying creditors - were met," he said.

The team's operating company, Caterham Sports Limited, has been appointed an administrator on behalf of an unpaid Malaysian bank, triggering the very real danger that the recent Russian grand prix was the team's last grand prix. "I sincerely hope that this will not be the case and that a solution can be found," said Fernandes.

Caterham Group Graham Macdonald was even more critical, accusing Engavest of never having "any intention" of paying its bills. "I go on to question how anyone who was interested in the long term future of the business would appoint one of their cleaners - Constantin Cojocar - as the sole director and shareholder of the UK operating company," he charged.

Engavest's reaction to the scandal has been to insist that because Fernandes never handed over his shares, the Malaysian is in fact still responsible for the team and its liabilities. In a counter-statement, the Swiss based company also accused one of Fernandes' representatives of "breaking into a filing cabinet" at Leafield containing "private and confidential documents", resulting in Engavest's "total contempt of Mr Fernandes".

Engavest, advised by serial F1 backmarker chief Colin Kolles, insists it has met the conditions of Fernandes' sale agreement. But with the race cars locked inside Leafield by the administrator Finbarr O'Connell, it appears unlikely Caterham will be on the Austin grid, as required by Bernie Ecclestone. "Everybody is prepared to go to Austin," Kolles told media late on Thursday. "The problem is if the administrators are not changing their mind it is difficult."

He dismissed O'Connell's claims that Caterham could be rescued by a third party stepping in to buy the team. "He lives in dreamland," Kolles charged, according to Speed Week. "Perhaps he wants to be the team principal himself." (GMM)

Replies (0)

Login to reply

BE Grand Prix of Belgium

Local time 

BEGrand Prix of Belgium

Local time 

World Championship standings 2024

Show full world champion standings

Test calendar

See full test schedule

Related news

Give your opinion!

Will Bottas challenge Hamilton for the world championship in 2020?

Formula 1 Calendar - 2024

Date
Grand Prix
Circuit
-
Bahrain
29 - Mar 2 2024
Bahrain
7 - Mar 9 2024
Saudi Arabia
22 - Mar 24 2024
Australia
5 - Apr 7 2024
Japan
19 - Apr 21 2024
China
3 - May 5 2024
United States of America
17 - May 19 2024
Italy
24 - May 26 2024
Monaco
7 - Jun 9 2024
Canada
21 - Jun 23 2024
Spain
28 - Jun 30 2024
Austria
5 - Jul 7 2024
United Kingdom
19 - Jul 21 2024
Hungary
26 - Jul 28 2024
Belgium
23 - Aug 25 2024
Netherlands
30 - Sep 1 2024
Italy
13 - Sep 15 2024
Azerbaijan
20 - Sep 22 2024
Singapore
18 - Oct 20 2024
United States of America
25 - Oct 27 2024
Mexico
1 - Nov 3 2024
Brazil
22 - Nov 24 2024
United States of America
29 - Dec 1 2024
Qatar
6 - Dec 8 2024
United Arab Emirates
-
United Arab Emirates
See full schedule

Formula 1 Calendar - 2024

Date
Grand Prix & Circuit
29 - Mar 2 2024
7 - Mar 9 2024
Saudi Arabia Jeddah Street Circuit
22 - Mar 24 2024
Australia Albert Park
5 - Apr 7 2024
19 - Apr 21 2024
3 - May 5 2024
United States of America Miami International Autodrome
17 - May 19 2024
24 - May 26 2024
Monaco Monte Carlo
7 - Jun 9 2024
21 - Jun 23 2024
28 - Jun 30 2024
Austria Red Bull Ring
5 - Jul 7 2024
United Kingdom Silverstone
19 - Jul 21 2024
Hungary Hungaroring
26 - Jul 28 2024
23 - Aug 25 2024
Netherlands Circuit Zandvoort
30 - Sep 1 2024
Italy Monza
13 - Sep 15 2024
Azerbaijan Baku City Circuit
20 - Sep 22 2024
18 - Oct 20 2024
United States of America Circuit of the Americas
25 - Oct 27 2024
1 - Nov 3 2024
Brazil Interlagos
22 - Nov 24 2024
United States of America Las Vegas Street Circuit
29 - Dec 1 2024
6 - Dec 8 2024
United Arab Emirates Yas Marina Circuit
-
United Arab Emirates Yas Marina Circuit
See full schedule
show sidebar