Caterham F1 bosses could quit over frustrations with Tony Fernandes

Caterham's new chiefs have warned they could be forced to turn their back on the Formula 1 team amid mounting frustrations over the actions of former boss Tony Fernandes

Caterham F1 bosses could quit over frustrations with Tony Fernandes

Just days after it emerged that team supplier Caterham Sports Limited (CSL) had been put into administration, a statement from the F1 outfit said the administrator's actions had had a 'devastating' impact on its running of the operation.

Comments attributed to the administrators in the media suggested that there was a chance the Caterham F1 cars may not be released for the United States Grand Prix, or that the team could be forced out of its Leafield factory.

In a strongly worded statement issued by Caterham on Wednesday night, the team made clear its annoyance at the situation, as it accused former boss Tony Fernandes of not honouring agreements.

"Very regrettably the administrators' appointment has had devastating effects on the F1 team's activities," said the statement.

"Since their appointment, the administrators have released various press statements, which have been severely detrimental to the management of the Caterham F1 team.

"After three months of operating the team in good faith, the buyer is now forced to explore all its options including the withdrawal of its management team.

"Lawyers have been instructed by the buyer to bring all necessary claims against all parties, including Mr Fernandes who, as an owner, will run the F1 operation."

The statement further revealed that Fernandes had not transferred ownership of the team as had been promised in his original sale of the outfit.

"On 29 June 2014, Caterham Enterprises Ltd, Caterham (UK) Ltd and Sheikh Mohamed Nasarudin (seller) and their shareholders Tony Fernandes and Datuk Kamarudin Bin Meranun entered into a sale and purchase agreement (SPA) with Engavest SA (buyer) with regards to 1Malaysia Racing Team Sdn Bhd/Caterham F1 Team," added the statement.

"Since the date of the agreement, the seller has refused to comply with its legal obligations to transfer their shares to the buyer.

"The buyer has been left in the invidious position of funding the team without having legal title to the team it had bought."

The team also said that the administrators for CSL were appointed on behalf of Export-Import Bank of Malaysia, which is a creditor of Fernandes and the Caterham Group.

It added: "The buyer has no connection with Exim. Caterham Sports Ltd was a supplier company to the Caterham F1 Team. "

Fernandes was not immediately available for comment.

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