Category: News

  • Tony Fernandes Responds to Criticism

    Tony Fernandes Responds to Criticism

    Tony Fernandez hit back at criticism toward him and claims that the Caterham Teams’ troubles are because of the current owners.

    After a strongly worded statement was released by the current owners of the Caterham F1 Team pointing out Tony Fernandez was to blame for their issues. The Malaysian businessmen has broken his silence on the matter and maintains that he’s not to blame.

    In his statement he claims that in order for him to transfer his shares. Certain conditions had to be fulfilled. These conditions have not been met by Engavest, which resulted him in retaining ownership of the team. The condition according to the statement was that “all existing and future creditors” had to be payed before Fernandes could transfer his shares. This comes after Engavest had claimed that they have paid all the creditors.

    Below is the statement from Tony Fernandes:

    “In June 2014, I decided, together with my co-shareholders, to sell my stake in the Caterham F1 team,” read the statement

    “We agreed in good faith to sell the shares to a Swiss company named ‘Engavest’ on the basis that Engavest undertook to pay all of the existing and future creditors, including the staff.

    “The continued payment of staff and creditors was so important to me that I ensured that the shares would not be transferred to the new buyers unless they complied with this condition.

    “Sadly, Engavest has failed to comply with any of the conditions in the agreement and Caterham Sports Ltd (the UK operating company of the F1 team) has had to be put into administration by the bank, with large sums owing to numerous creditors.

    “Our agreement with Engavest was very clear: there was no legal obligation to transfer the shares to them unless certain conditions – which included paying creditors – were met.

    “Those conditions have not been met. Our lawyers have asked Engavest several times to comply with these conditions but they have failed to engage.

    “If you agree to buy a business, you must pay its bills. They have breached that promise and now, sadly, it is others such as the employees and the fans of the Caterham F1 team that will suffer if the team ceases to race. I sincerely hope that this will not be the case and that a solution can be found.”

    Fernandes took to Twitter last night tweeting a rather blunt response to what he thinks of the situation:

    Tony Fernandes Tweet

  • Caterham F1 staff locked out of Leafield factory

    Caterham F1 staff locked out of Leafield factory

    Staff at the Caterham F1 team’s Leafield factory have been locked out of the building by administrators.

    Caterham’s current owners issued a statement on Wednesday evening threatening to quit the F1 team following accusations that former team owner, Tony Fernandes, has failed to transfer the shares to the new owners and therefore remains the owner of the squad.

    With the new buyers saying that Fernandes has to now sort out the situation since he is still in control, Finbarr O’Connell, joint administrator for Caterham Sports Limited – who are the suppliers to the F1 team – confirmed to Reuters that the factory has been closed and staff members are being refused access to the premises.

    “They can’t get into the factory today,” he told Reuters. “Effectively 1MRT have been in the building for last few days since I arrived. We are trying to reach an acceptable arrangement for them to be there. We had a meeting yesterday with 1MRT and lawyers and the offer they made was unacceptable. So I’ve sent them away. Hopefully they can come up with an acceptable proposal. I don’t think this is gone. It’s just a case of who has got the money to make it work.”

    There is plenty of doubt over whether Caterham will be able to compete in next weekend’s United States Grand Prix. FOM rules dictate that every team must compete in all rounds of the Formula One Championship unless they are able to prove force majeure.

    Photo: Caterham F1

     

  • Caterham Bosses Threaten to Quit F1

    Caterham Bosses Threaten to Quit F1

    The Caterham Formula 1 Teams’ current bosses have threatened to quit F1 after it emerged last night that former owner Tony Fernandez did not transfer his shares in the sale.

    News emerged on Tuesday that Caterham Sports Limited, who is a supplier to the formula 1 team, was placed under administration. The Leafield based team moved very quick to allay fears that the F1 team would be affected.

    Things took a dramatic twist on Wednesday night after the F1 team released a statement saying that the “the administrators’ appointment has had devastating effects on the F1 Team’s activities.”. It also mentioned that the press statements released by the administrators “have been severely detrimental to the management of the Caterham F1 team.”

    The full statement from the team is included below:

    “On 29 June 2014, Caterham Enterprises Ltd, Caterham (UK) Ltd and Sheikh Mohamed Nasarudin (Seller) and their shareholders Tony Fernandes and Datuk Kamarudin Bin Meranun entered into a Sale and Purchase Agreement (SPA) with Engavest SA (Buyer) with regards to 1Malaysia Racing Team Sdn Bhd/Caterham F1 Team.

    Since the date of the Agreement, the Seller has refused to comply with its legal obligations to transfer their shares to the Buyer. The Buyer has been left in the invidious position of funding the team without having legal title to the team it had bought.  This is in total contradiction to the Seller’s press release of 3 October 2014 which stated that Mr Fernandes and his Caterham Group had no longer any connection with the Caterham F1 Team.

    The administrators of Caterham Sports Limited have been appointed on behalf of Export-Import Bank of Malaysia Berhad (Exim), a creditor of Mr Fernandes and the Caterham Group.

    The Buyer has no connection with Exim. Caterham Sports Ltd was a supplier company to the Caterham F1 Team.  Very regrettably, the administrators’ appointment has had devastating effects on the F1 Team’s activities.  Since their appointment, the administrators have released various press statements which have been severely detrimental to the management of the Caterham F1 team.

     After three months of operating the Caterham F1 Team in good faith, the Buyer is now forced to explore all its options including the withdrawal of its management team. 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.”

  • F1 2014: FIA Institutes Accident Panel

    F1 2014: FIA Institutes Accident Panel

    A few weeks after the crash that severely injured Marussia driver Jules Bianchi the FIA has instituted an accident panel.

    The panel will be tasked with investigating Bianchi’s crash at the Japanese grand prix. Their investigation is expected to culminate in the proposal of potential changes at the next World Motor Sport Council meeting slated for December. The FIA has called on several experienced former members of the of the Formula 1 paddock to form part of the panel. Former Mercedes boss Ross Brawn, former Ferrari team principal Stefano Domenicalli and Formula 1 champion Emerson Fittipaldi are among those included.

    The full panel line-up is as follows:

    Presidency

    Peter Wright, President of the Safety Commission

    Members

    Ross Brawn, former Team Principal of Mercedes, Brawn Grand Prix and former Technical Director of Scuderia Ferrari

    Stefano Domenicali, former Team Principal of Scuderia Ferrari

    Gerd Ennser, Chief Stewards’ representative

    Emerson Fittipaldi, President of the FIA Drivers’ Commission, F1 Steward

    Eduardo de Freitas, World Endurance Championship Race Director

    Roger Peart, President of the Circuits Commission, President of the ASN of Canada, F1 Steward

    Antonio Rigozzi, Advocate, Judge at the International Court of Appeal of the FIA co-opted by the teams

    Gérard Saillant, President of the FIA Institute and President of the Medical Commission

    Alex Wurz, President of the GPDA, drivers’ representative

  • Video: Mercedes F1 World Championship Celebrations

    Video: Mercedes F1 World Championship Celebrations

    The Mercedes AMG Petronas Formula One team have plenty to celebrate about, and they’ve sure been doing just that! Join Lewis Hamilton, Nico Rosberg, Niki Lauda, Toto Wolff, Paddy Lowe and the entire Mercedes AMG Petronas Formula One Team as they celebrate their F1 World Championship win at their bases in Brackley and Brixworth!

  • Force India Confirms Nico Hulkenberg for 2015

    Force India Confirms Nico Hulkenberg for 2015

    The Sahara Force India Formula 1 Team confirmed that Nico Hulkenberg will drive for the team in 2015.

    Hulkenberg joined the team at the beginning of the 2014 season after a disappointing season at Sauber in 2013. He’s enjoyed a fair bit of success at Force India with 13 points finishes so far this season which also includes four fifth place finishes.

    Team Principal and Managing Director of Force India, Vijay Mallya was very happy about signing Hulkenberg on for another season. “Everybody in the team is delighted to see Nico remain a Sahara Force India driver for next season,” said Mallya.

    “We rate him very highly and he has done a tremendous job this year by consistently picking up crucial championship points,” he added.

    “We know him extremely well: he’s a true racer and he knows how to motivate the team. I am convinced he is one of the best talents on the grid and I am proud that he will continue to race in the colours of Sahara Force India.”

    Hulkenberg was very happy about confirming his plans for 2015.

    “It’s good to confirm my plans for next season,” said Hulkenberg.

    “This is a team I know extremely well and we’ve enjoyed a great year together with some special results.

    “The team has big ambitions and I believe we can have a competitive package once again next year. We have a strong partner in Mercedes and everyone in the team is motivated and hungry for more success.

    “I have a good feeling for 2015 and there is a lot to be excited about as we try to build on the results we have achieved this year.”

    With Hulkenberg being confirmed at Force India, it takes him out of the equation for a Ferrari drive as he was in the running to become Kimi Raikkonen’s team mate next season. The rumors are still strong that Sebastian Vettel may drive for Ferrari next season although nothing is confirmed.

    It was reported earlier in the year that Sergio Perez was in advanced talks to renew his contract at the Silverstone based team. It is expected that the Mexican will be announced at the team in the near future.

     

    Photo Credit: Sahara Force India Formula One

  • Pirelli Revises Tyre Choice for Brazil

    Pirelli Revises Tyre Choice for Brazil

    Formula 1 tyre supplier Pirelli announced that they will revise their tyre nomination for the Brazilian Grand Prix in November.

    The hard and medium compounds were initially nominated. But due to the resurfacing of the Interlagos track, Pirelli was prompted to change their choice to the yellow soft compound and the white medium compound. This is the same choice as the United States Grand Prix.

    “We’ve always said that we would be open to any changes if they were required,” said Pirelli’s Motorsport Director, Paul Hembery

    “After further technical analysis of the impact of the revised circuit surface, together with a risk assessment suggesting a low probability of compound overheating due to extreme track temperatures, we have made this change with the unanimous agreement of all 11 teams.”

  • Di Montezemolo Confirms Ferrari Exit for Alonso

    Di Montezemolo Confirms Ferrari Exit for Alonso

    Former Ferrari President, Luca Di Montezemolo confirmed last night that Fernando Alonso will be leaving the Maranello based team at the end of the season.

    Speaking on a television show yesterday, Di Monetzemolo told Italian media that Alonso is leaving for two reasons. “One, he wants another environment. Two, because he is an age when he cannot wait to win again,” he said.

    Di Montezemolo also revealed that Alonso asked him to release him from his contract during the summer break as he believed Ferrari will be unable to provide him a race winning car in the near future.

    His role as Ferrari Chairman came to an end this week after it was announced that Fiat CEO Sergio Marchionne would take over the role as Ferrari Chairman.

    It’s no secret that Alonso wants to leave Ferrari at the end of the season. The Spaniard has remained tight lipped about his future in F1 with the strongest rumors saying that he may have a drive with McLaren next year. The other rumor is that he will take a year off and work on a deal with to drive for Mercedes in 2016.

    Alonso dropped a few hints at the at the Russian Grand Prix saying that he does not think that he will be in a Mercedes powered car in 2015. He also added that he thinks that there isn’t a big risk that he wont be in F1 next season.

    We are yet to hear anything from Alonso or Ferrari at this point. Alonso has said that once the announcement on his future is made it will be “obvious”. Lets wait and see, Fernando.

     

    Photo Credit: Suderia Ferrari Formula 1

  • Bianchi Update: Critical But Stable

    Bianchi Update: Critical But Stable

    The family of Jules Bianchi have released an update about his condition on Tuesday afternoon and say that the situation remains challenging.

    Bianchi sustained severe head injuries after crashing out at the Japanese Grand Prix. He was taken to Mie General hospital and it was revealed a week later that he suffered a Diffuse Axonial injury.

    Together with the hospital the Bianchi family released a statement saying that he is in a critical but stable condition at the Mie General Hospital in Yokkaichi, Japan. The statement goes on to say that the family has noted the support and continue to be “comforted by the thoughts and prayers of Jules’ many fans and the motor sport community.” They also noted the “demonstrations of support and affection during the course of the Russian Grand Prix in Sochi.”

    The family will issue any further updates when there are any changes in Bianchi’s condition.

    The full statement from the Bianchi family is included below:

    “At the request of the family of Jules Bianchi, and in conjunction with the Mie General Medical Center in Yokkaichi, the Marussia F1 Team is able to provide the following information regarding Jules’ medical condition:

    The past nine days have been extremely difficult for Jules and his family. As a consequence of the accident at Suzuka, a number of medical challenges have needed to be overcome and the situation remains challenging due to the diffuse axonal traumatic brain injury Jules has sustained.

    Jules remains in a critical but stable condition in the Intensive Care Unit of Mie General Medical Center in Yokkaichi. The Bianchi family continue to be comforted by the thoughts and prayers of Jules’ many fans and the motor sport community. In particular, the many demonstrations of support and affection during the course of the Russian Grand Prix in Sochi were of enormous comfort to Jules’ parents and the relatives and friends also present at the hospital.

    The family will provide further medical updates when appropriate.”

  • F1 2014: Sochi Success For Hamilton

    F1 2014: Sochi Success For Hamilton

    The most exciting thing about the first ever Russian Grand Prix was … nothing. If truth be told the only moment that induced  any sort of eyebrow-raising was a 60 meter lock-up by Nico Rosberg as he tried to steal the lead of the race from Mercedes teammate Lewis Hamilton.

    Other than Rosberg’s rather frantic attempt at getting ahead, the Sochi Autodrom turned out to be a bit of damp squib. The layout, once again designed by Hermann Tilke, provided a technical challenge to drivers when it came to stringing a perfect lap together but as far as the track surface is concerned it most definitely did not want to play ball with Formula 1. Pirelli had the difficult task of predicting what the track surface would offer up and based their decision on how other new tracks had performed. While keeping this in mind it is difficult to blame the Italian tyre manufacturer for bringing tyres to Russia which are almost literally bulletproof.

    russian-gp-start-rosbergSo indestructible were the Pirelli’s that Nico Rosberg, forced to pit on lap 1 with severely flat-spotted tyres, was able to run a 52 lap stint on one set of tyres. It wasn’t a gigantic risk nor was Rosberg, at any point, required to tip-toe around and nurse his tyres. No, he was able to push and for most of the stint set a pace comparable,  and sometimes even quicker, than the race leader.

    We commend thee Pirelli for producing the world’s first everlasting F1 tyre. But we implore you to chalk this up to a frightening one-off incident that should never again be repeated.

    Saturday’s qualifying certainly provided more entertainment as Williams’ star Finn Valtteri Bottas nearly snatched pole position from Lewis Hamilton’s grasp. It wasn’t to be for the Williams driver but he put himself in the best position possible to fight for a podium finish.

    The early part of the race and the Finn’s pace suggested that he could perhaps have a go at the leading Mercedes. But this too fizzled out towards the middle part of race as Hamilton started steadily building the gap to the Williams. Bottas eventually finished third and set the fastest lap of the race.

    Jenson Button followed through on the pace McLaren had promised in the free practice sessions with a fine fourth place finish. It was a lonely drive for the Brit who ran as high as third during the opening stint of the race. The second McLaren of Kevin Magnussen recovering from a five place grid penalty induced by a gearbox change,

    Ferrari’s Fernando Alonso finished an uninspired sixth and remained as coy as ever as to his future in the sport. Many have already plopped theLewis Hamilton Sochi 2014 Spaniard into a McLaren seat for 2015 but Sky’s Ted Kravitz hinted, post-race, that the double champ could be off to Lotus.

    Daniel Ricciardo did his level best to get past the Ferrari of Alonso but ultimately could do nothing about it and finished ahead of teammate Sebastian Vettel in seventh.

    Kimi Raikkonen spent most of the 53 laps embroiled in scrap with the two Toro Rosso drivers but eventually got the better of them and finished a distant ninth. Sergio Perez nearly cut it too close on fuel consumption but held on to bring the Force India home in tenth.

    Felipe Massa attempted an aggressive two-stop strategy but never quite recovered from a technical issue in qualifying; the Brazilian finished eleventh.Only Caterham’s Kamui Kobayashi and Marussia’s Max Chilton failed to see the chequered flag. As a sign of respect to Jules Bianchi the Marussia team chose to run only one car this weekend.

    The Russian Grand Prix most probably didn’t even register a blip on the thrill meter. But it did give us another bit of insight into the title fight. Now that Mercedes has been crowned worthy Constructor’s champions it leaves a straight-up fight for the driver’s crown. Rosberg’s crack at snatching the lead was a tad anxious. Still the German has not beaten Hamilton on a level playing field. We’ve talked a lot about the psychological battle between these two. Is it now finally starting to tell on Nico Rosberg?