Caterham administrators refuse to give up hope

Thu Jan 22, 2015 6:37am EST
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By Alan Baldwin

LONDON (Reuters) - The failed Caterham Formula One team are running out of time to find a purchaser but administrators refused to count them out on Thursday.

"I am still hopeful," Finbarr O'Connell, who works for administrators Smith & Williamson, told Reuters on Thursday.

"As long as there are people (out) there who have got a real possibility of doing something, I'm not going to close it (the team) down.

"Because if I do, then I will just be organizing an auction as regards the assets -- which I can do at any stage anyway."

Caterham and rivals Marussia went into administration last October after mounting financial troubles.

While Marussia missed the last three races of 2014 and ceased trading, Caterham were absent from two grands prix but made it to the Abu Dhabi finale after raising the money through a crowd-funding initiative.

Ironically, Marussia now look more likely to be revived after a scheduled auction of their cars and race equipment was canceled this week due to the emergence of an interested party.

Formula One's commercial supremo Bernie Ecclestone told Sky Sports television that he had met a possible purchaser for Marussia on Wednesday but he was less hopeful about Caterham's prospects.   Continued...