A few days ago it was reported that the Caterham Formula 1 team was put up for sale by Malaysian businessman, Tony Fernandez. It was announced on Wednesday 02 July 2014 that the Caterham Formula 1 team has been sold to a consortium of Swiss and Middle Eastern investors, advised the former Caterham Team Principal Colin Kolles.

Under the terms of the sale, the team will continue to race as Caterham F1 Team and will remain based at Leafield 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 and replacing Cyril Abiteboul who will leave the team to pursue new challenges.

“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, said Albers. “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.”

It’s business as usual for the team at Silverstone where preparations for the British Grand Prix are underway. Expect to see the new team principal on the pit wall this weekend.