MidEast investors part of deal to buy struggling F1 team

Caterham confirm deal with consortium of Swiss and Middle East investors to take over Formula One team

Middle East-based investers have formed part of a consortium that has bought Caterham Group's Formula One team, it has been announced.

The UK-based Caterham Group confirmed that it has sold its F1 team to a consortium of Swiss and Middle Eastern investors led by Colin Kolles.

No further details were disclosed about who the Middle East investors are.

The team’s target is to move up from last in the championship at present to tenth place before the end of the season. Caterham are yet to score a point in the 86 races they have participated in.

In a statement, the company said all other Caterham Group brands – Caterham Cars, Caterham Composites, Caterham Technology & Innovation, Caterham Racing, Caterham Moto Racing Team and Caterham Bikes, remain as core elements of Caterham Group under the direction of CEO Graham Macdonald and shareholders Tony Fernandes and Kamarudin Meranun.

The sale of Caterham F1 Team now allows Caterham Group to focus on its core activities and continue to see them develop and flourish, the statement said.

Caterham F1 entered the world's top racing competition in 2012, having previously operated as Team Lotus in the 2011 season. The team maintained the green and yellow livery previously used when Team Lotus.

Under the terms of the sale, the team will continue to race as Caterham F1 Team and will remain based in the UK for the foreseeable future.

The new ownership takes charge with immediate effect. Former Dutch F1 driver, Christijan Albers, assisted by Manfredi Ravetto, will take over the day-to-day running of the team, reporting directly to the board.

Albers said:"We are aware of the huge challenge ahead of us given the fight at the bottom end of the Championship and our target now is to aim for tenth place in the 2014 Championship. We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of."

Graham Macdonald, Caterham Group CEO, added: “Firstly I want to thank everyone who was involved in the F1 team for all their hard work and dedication. It was an incredible rollercoaster ride, one that had several very high points, but too many lows, and for that reason we decided to hand it on to a group of people who we believe will be able to help the team unlock its full potential.

"It didn’t work for us, but we wish the team and everyone associated with it the very best of luck and when they score their first point we will all be cheering louder than anyone.

“The future for us now lies with all the exciting brands that make up Caterham Group. We have ambitious, exciting plans for each of our businesses and our core focus is still on launching the brand new two-seat Caterham Car, a project we will be making more announcements about in due course.”

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
First bank merger in 20 years sets Saudi Arabia up for more deals

First bank merger in 20 years sets Saudi Arabia up for more deals

Q&A look at what the planned merger of HSBC and RBS’s Saudi ventures...

A natural move: How Dubai Chamber is strengthening its ties in Latin America

A natural move: How Dubai Chamber is strengthening its ties in Latin America

With vast resources and more than half-a-billion people, the...

If Saudi future's so bright, why can't these banks find buyers?

If Saudi future's so bright, why can't these banks find buyers?

No big-name global banks eager to buy stakes in Saudi banks,...

Most Discussed
  • 19
    It's time for restaurants to stop shaming smokers

    Comparing Driving to Smoking is the most shameless ploy to convince people that we should not persecute smokers.

    If your vehicle hits someone... more

    Thursday, 25 May 2017 12:47 PM - Elkhorn
  • 9
    Revealed: huge disparity in Dubai school fees

    I recall a recent study by Alpen Capital suggesting that the average cost of a child's entire life of schooling in Dubai is about AED 1 million. Although... more

    Monday, 29 May 2017 9:21 AM - New Expat
  • 5
    How Saudi Arabia blundered into OPEC oil cut

    Before Saudi Arabia's decision to move to unlimited production, analysts broadly thought break-even for shale was usd80. After the move, shale producers... more

    Tuesday, 30 May 2017 12:44 PM - Anastasios Dalgiannakis