Caterham seeking investment, not sale - Fernandes

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Despite press rumours to the contrary, Caterham Group is not for sale.

May 28 (GMM) Tony Fernandes has denied he is selling Caterham, admitting instead that he is seeking new "investment" in the struggling backmarker team.

"Despite press rumours to the contrary, Caterham Group is not for sale," the company said in a media statement.

"It is, however, true that the group is actively searching for additional investment as it seeks to fulfil ambitious plans to develop," it added.

Fernandes, who has not attended a Grand Prix in 2014, "remains wholly committed" to Caterham, the statement insisted.

"We love what we build," the Malaysian entrepreneur is quoted as saying, "and we are always looking for further investment.

"Yes, we are constantly challenging ourselves and making decisions on everything from the structure to projects within the group. That is normal business. That does not mean we are selling," Fernandes added.

Earlier, Caterham had been linked with F1's newest entrant, Gene Haas, who according to speculation may now be looking to buy an existing team rather than start from scratch.

But the very latest reports about Haas indicate that technical agreements with Dallara and Ferrari are set to be signed, while plans to headquarter the team in America are going ahead.

"I don't think that we tick their boxes," Caterham team boss Cyril Abiteboul told Britain's Sky.

After Monaco, where Marussia's Jules Bianchi finished ninth, Caterham is now the only team in F1 never to have scored a single point.

Germany's Auto Motor und Sport claims that Marussia's points feat could mean a $47 million pay-day for the struggling team at the end of the season.

Still, Marussia investor Andrei Cheglakov said: "Formula one needs a fairer system of payments. Money must be distributed in a way that everyone can survive."

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About this article
Series F1
Article type Breaking news
Tags caterham, f1, gmm, tony fernandes

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