Tony Fernandes and his partners have sold the Oxfordshire-based Caterham F1 Team to a consortium of Swiss and Middle Eastern investors, advised by former F1 Team Principal Colin Kolles.
Under the terms of the sale, the team will continue to race as Caterham F1 Team and will remain basedat 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 boardand replacing Cyril Abiteboul who will leave the team to pursue new challenges.
Christijan Albers:"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.
"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.”
Latest Sport news
- UPDATES - Maccclesfield Town v Oxford United
- Macclesfield tie is chance to repeat Oxford United’s FA Cup heroics – boss Michael Appleton
- Jonny Giles has ability and attitude to succeed, says City boss ahead of winger's return to Oxford United
- Fit-again Joe Rothwell hoping for Oxford United recall in John Lundstram's absence
- Paul Moody cannot wait for reunion 20 years in the making to celebrate Oxford United’s big finish
- Oxford United goalkeeper Simon Eastwood desperate to avoid becoming Emirates FA Cup headline
- Head coach Michael Appleton likely to shuffle Oxford United pack for Macclesfield Town clash
- RUGBY UNION: Naming Varsity Match squad has heightened Oxford University's focus, says captain Fergus Taylor
- GOLF: Triple bogey destroys Eddie Pepperell's chances of making the halfway cut
- Macclesfield looking forward to showing their ability against Oxford United, says skipper