Connect with us

2014 F1

Caterham collapse ‘better’ for F1 – Ecclestone

Published

on

2014spain01
Caterham is on the brink of collapse, as the backmarker team loses even the support of F1 supremo Bernie Ecclestone.

“I think it’s better they go,” said the 83-year-old Briton as the latest developments emerged late on Wednesday.

“I don’t want people going around with begging bowls,” Ecclestone told the Sun newspaper in an article credited to business journalist Caroline Reid.

His comments follow Caterham’s publication of an explosive press release on Wednesday, as administrators of a company based at the Leafield factory refuse to release the race cars just days before the freight deadline for Austin.

In the release, the new owners accused Tony Fernandes of not transferring shares, leaving them “in the invidious position of funding the team without having legal title to the team it had bought”.

Malaysian Fernandes, having earlier distanced himself from the deteriorating situation at Leafield, hit back on Twitter: “If you buy something you should pay for it. Quite simple.”

Finbarr O’Connell, representing the administrator, is quoted by Speed Week as saying “Obviously, the party Tony Fernandes sold the business to does not have the funds to finance it”.

The situation has left Caterham on the verge of collapse, with three grands prix remaining in 2014.

The team admits administrators withholding the cars and guarding the team factory with private security has had “devastating effects on the F1 team’s activities”.

“After three months of operating the team in good faith, the buyer is now forced to explore all its options including the withdrawal of its management team,” said Caterham.

“Lawyers have been instructed by the buyer to bring all necessary claims against all parties, including Mr Fernandes who, as an owner, will run the F1 operation.”

Reuters news agency reported that team boss Manfredi Ravetto confirmed that he is no longer running Caterham.

But the harshest blow could be the loss of support of the powerful Ecclestone, who appears in no mind to intervene and keep the grid at 11 teams.

“I don’t know who owns them,” the F1 chief executive said. “I don’t know and I don’t care.

“Let me tell you something, they will tell you whatever suits them to tell you.” (GMM)

Loading...

Comments

Latest Results

Latest F1 News

2019 F114 hours ago

Vettel even stronger after Canada GP – Binotto

Mattia Binotto says Sebastian Vettel will “emerge even stronger” from the Canada GP penalty controversy. Last week, Ferrari dropped its...

2019 F115 hours ago

Marko rules out MotoGP test for Verstappen

Dr Helmut Marko has ruled out a MotoGP test for Max Verstappen. Marko said recently that MotoGP supremo Carmelo Ezpeleta...

2019 F115 hours ago

Ferrari concept change will take weeks

Mattia Binotto says it will take Ferrari “two or three upgrades” before the Italian team can take on Mercedes at...

2019 F115 hours ago

Pirelli design issue should be fixed – Binotto

Mattia Binotto has joined Red Bull in calling for Pirelli to change its tyre design. Last week, outspoken Red Bull...

2019 F15 days ago

Karting now physically harder than F1 – Grosjean

Romain Grosjean says even go-karting is now more physically difficult than racing in Formula 1. In Canada last weekend, five...

2019 F15 days ago

Not enough support for tyre change – Marko

Dr Helmut Marko has admitted he cannot get enough support to force Pirelli to change its controversial tyres. The Red...

2019 F15 days ago

Kvyat much more mature in 2019 – Tost

In his third stint at Toro Rosso, Daniil Kvyat is a better driver than before. That is the view of...

2019 F15 days ago

No B spec car for Paul Ricard – Abiteboul

Cyril Abiteboul has denied that Renault’s upgrade for its home race in France next weekend amounts to a ‘B spec’...

2019 F16 days ago

Honda to race second engine upgrade in France

Honda will take its second engine upgrade of the 2019 season to Paul Ricard next weekend. In April, just a...

2019 F16 days ago

Canadian GP race personal wake-up call – Bottas

Valtteri Bottas has described the Canadian GP race weekend as a personal “wake-up call”. With his new beard on show...

Most Popular

ThisisF1.com is not affiliated with Formula 1, Formula One Management, Formula One Administration, Formula One Licensing BV, Formula One World Championship Ltd or any other organization or entity associated with the official Formula One governing organizations or their shareholders. Copyrighted material used under Fair Use/Fair Comment.

References
We could use the following leading F1 news sources for stories: SkyF1, BBC F1, Autosport, ESPN F1, FIA Media Center, MotorSport, JamesAllen and others leading authors blog.

All Rights Reserved © 2017 Prime Sport Media