The Caterham Formula 1 Team is almost certain to miss next weeks United States Grand Prix and the Brazilian Grand Prix the week after that.

This comes after Mr Colin Kolles, the previous Team Principal agreed to hand over management control of 1MRT, the Malaysian company that holds the licence to participate in the Formula 1 World Championship, to the administrators Finbarr O’Connell and Henry Shinners of Smith & Williamson.

There is no official confirmation from the team that it will miss the US Grand Prix and the Brazilian Grand Prix but the administrators, Smith & Williamson, released a statement on Friday afternoon revealing that they have obtained special dispensation from Formula 1 Supremo Bernie Ecclestone if the need arises.

“Mr Ecclestone also agreed to give dispensation to Caterham F1 such that it could if necessary miss the U.S. and Brazilian Grands Prix but hoped that a new owner would be in a position to race the team at the Abu Dhabi Grand Prix,” read the statement.

According to the statement there are a number of interested parties expressing their wish to buy the team and they are hoping that a transaction with an operator of substantial financial means can be concluded in the next few weeks.

“It is hoped that any purchaser of the F1 team will take over the employees and that they will be able to recommence their work including that at the Leafield site,” read the statement

Finbarr O’Connell had the following to add: “We believe this arrangement gives us a much better chance of being able to reach a better conclusion for the racing team and its creditors.

“While this is a great step forward in making the whole team and assets more attractive, there is no need for the staff of 1MRT to return to the Oxford site in Leafield until a sale of the Formula 1 team occurs.

“This is a difficult situation which is not of our making. We regret any personal impact on 1MRT’s employees. As administrators for CSL, we are seeking to maximise the outcome for its creditors and other stakeholders.”