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)

Comments

Latest Results




Latest F1 News

2018 F11 month ago

Lauda announces 2019 grand prix return

Niki Lauda has allayed fears that he might not return to his post at the grands prix with Mercedes. In...

2018 F11 month ago

Sauber still building staff numbers – Vasseur

Sauber is still building up its staff numbers, boss Frederic Vasseur has revealed. The Swiss team almost collapsed two years...

2018 F11 month ago

Red Bull ‘will look to Verstappen’ in 2019 – Horner

Max Verstappen will have a more significant role at Red Bull next year. That is the view of Christian Horner,...

2018 F11 month ago

London could join Silverstone in F1 – Brawn

Ross Brawn says a grand prix in the centre of London would be “unacceptable”. But the F1 sporting chief thinks...

2018 F11 month ago

Kubica not offended by Vettel comments

Robert Kubica says he is not offended by comments made by quadruple world champion Sebastian Vettel. Ferrari’s Vettel said that...

2018 F11 month ago

Verstappen happy with Ricciardo replacement

Max Verstappen says he is happy with Red Bull’s pick for his new teammate. The Dutchman says he cannot understand...

2018 F11 month ago

Renault to keep working over Christmas

Staff at Renault’s works F1 team will work throughout the Christmas and New Year period. That is the news from...

2018 F11 month ago

Force India to launch 2019 car in Canada

Force India has become the second F1 team to announce a reveal date for its 2019 car. Ferrari boss Maurizio...

2018 F11 month ago

“it was a difficult experience, but it made me stronger,”- Sirotkin

Sergey Sirotkin says his aim is to return to formula one in 2020. The Russian has been replaced at Williams...

2018 F11 month ago

McLaren success is ‘long term’ aim – Sainz

Carlos Sainz says McLaren is aiming for success only in the medium to long term. The Spaniard says he is...




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