ADMINISTRATORS have been handed full management responsibility for the Caterham Formula One team in a bid to find a new buyer.

Insolvency specialists Smith & Williamson yesterday closed the team factory, which employs about 200 people, in Leafield.

The firm had already been working on behalf of the creditors of CaterhamSports Ltd, a company which makes and supplies cars to 1MRT, which owns the licence to race in Formula One.

But now administrator Finnbarr O'Connell has been placed in charge of 1MRT as well. He has been tasked with continuing team operations in the short term, with a view to finding a buyer. 

Asked if he would now reopen the factory, Mr O'Connell added: "I need to talk to the creditors, sponsors, funders, so I will be sending a message to all the employees of 1MRT.

"Our objective is to get this team racing on a proper financial standing, and hopefully if a funder comes through, this team can run again.

"I have spoken to people who are interested in taking over the Leafield factory, and the staff being employed there.

"It's early days, but there is a major hope that all of that can happen."

Staff turned up for work at the Leafield factory yesterday, only to find it locked.

Employees stood outside as they waited to for news, unable to gain access to personal belongings within the site. 

Speaking about the Caterham team, Mr O'Connell added: "This is a very cash-strapped team.

"I have been approached by people who are interested, so my immediate position is to further the negotiations with them as quickly as possible in order that somebody with proper financial backing can hopefully take over the team."

Caterham F1 confirmed the news in a statement of its own which read: "Following a request of Thursday evening at 21.55hrs CET from Caterham Sports Limited's administrators and the legal advisors of Mr Tony Fernandes' related EXIM Bank, representatives of 1MRT/Caterham F1 Team have agreed, with all rights reserved, to hand over management of the Caterham F1 Team to the administrator Mr Finbarr O'Connell in the higher interest of allowing the team to continue operating and preparing for the next events."

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