STAFF at Caterham F1 have been told not to return to the team’s West Oxfordshire base until it is sold.

Administrators Smith & Williamson took control of the motor racing team’s management yesterday, and said it hoped to push through a sale, including its entire operations at Leafield Technical Centre.

But it said its 200 employees, who were first locked out on Thursday, should not expect an imminent return to work. After taking over the team’s parent company 1MRT, administrator Finbarr O’Connell said: “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.”

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On Monday, Caterham Sports Limited – a separate firm that builds cars for the Caterham F1 team – went into administration.

Mr O’Connell is now effectively the team principal and said he wants to continue operations in the short-term while trying to find a buyer.

Formula 1 boss Bernie Ecclestone has given the team permission to miss the US and Brazilian Grands Prix but it is hoped there will be a new owner by the time of the final Abu Dhabi race on November 23.

 

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