Caterham F1 team set to miss next two races

Fri Oct 24, 2014 6:22pm EDT
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By Alan Baldwin

LONDON (Reuters) - Caterham have been told they can miss the next two Formula One grands prix while seeking a buyer after the team went into administration on Friday.

Formula One's commercial supremo Bernie Ecclestone told Reuters "it would be OK" for the team to sit out next week's U.S. race, and Brazil the weekend after, in the hope a new owner emerged before next month's finale in Abu Dhabi.

"I wonder if they are going to do it (find a buyer)," Ecclestone said. "Let's hope it's alright and someone might come along and they may be able to do something."

He added that there would be no problem with a reduction to 10 F1 teams anyway.

The sale of Caterham, who have not scored a point since their debut in 2010, was made simpler by the decision to take the licence holder 1MRT into administration along with the manufacturer Caterham Sports Limited (CSL).

The move left Finbarr O'Connell, who was already an administrator of CSL, in charge although he made clear it was merely a question of looking for a buyer.

"We believe this arrangement gives us a much better chance of being able to reach a better conclusion for the racing team and its creditors," he said in a statement.

"While this is a great step forward in making the whole team and assets more attractive, there is no need for the staff of 1MRT to return to the Oxford site in Leafield until a sale of the Formula One team occurs."   Continued...

A member of the Caterham Formula One team cleans one of the team vehicles ahead of the British Grand Prix at the Silverstone race circuit, central England, July 3, 2014. REUTERS/Phil Noble/Files