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Bernie Ecclestone agrees to allow Caterham F1 to miss next two GPs Bernie Ecclestone agrees to allow Caterham F1 to miss next two GPs
(about 1 hour later)
Bernie Ecclestone has given special dispensation to Caterham to miss the next two grands prix while a buyer is sought for the cash-strapped team.Bernie Ecclestone has given special dispensation to Caterham to miss the next two grands prix while a buyer is sought for the cash-strapped team.
A statement issued by the administrators in the London-based accountancy firm Smith & Williamson has effectively confirmed Caterham will not be in a position to compete in next weekend’s United States Grand Prix and the subsequent race a week later in Brazil.A statement issued by the administrators in the London-based accountancy firm Smith & Williamson has effectively confirmed Caterham will not be in a position to compete in next weekend’s United States Grand Prix and the subsequent race a week later in Brazil.
The administrator Finbarr O’Connell, who was forced to close the gates to the team’s factory at Leafield on Thursday, has told Caterham staff not to return until a deal has been concluded. Hope has been expressed that a buyer of “substantial financial means” can quickly be found in order for Caterham to be back on the grid for the final race of the season in Abu Dhabi on 21-23 November. The administrator Finbarr O’Connell, who was forced to close the gates to the team’s factory at Leafield on Thursday, has told Caterham staff not to return until a deal has been concluded. Hope has been expressed that a buyer of “substantial financial means” can quickly be found in order for Caterham to be back on the grid for the final race of the season in Abu Dhabi on 23 November.
Ordinarily, should a team miss a race for any reason they would be punished by Ecclestone but given the circumstances in this case Formula One’s chief executive has opted to be lenient.Ordinarily, should a team miss a race for any reason they would be punished by Ecclestone but given the circumstances in this case Formula One’s chief executive has opted to be lenient.
The statement read: “In a telephone conversation today between Finbarr O’Connell and Bernie Ecclestone, Mr Ecclestone agreed to support the administrators in their wish to sell the Formula One team to a party with the financial strength to sustain it into the future.The statement read: “In a telephone conversation today between Finbarr O’Connell and Bernie Ecclestone, Mr Ecclestone agreed to support the administrators in their wish to sell the Formula One team to a party with the financial strength to sustain it into the future.
“Mr Ecclestone also agreed to give dispensation to Caterham F1 such that it could, if necessary, miss the US and Brazilian Grands Prix, but hoped that a new owner would be in a position to race the team at the Abu Dhabi Grand Prix.“Mr Ecclestone also agreed to give dispensation to Caterham F1 such that it could, if necessary, miss the US and Brazilian Grands Prix, but hoped that a new owner would be in a position to race the team at the Abu Dhabi Grand Prix.
“Mr Colin Kolles, the previous principal of the team, offered today to hand over management control of 1MRT to the administrators. Lawyers for the administrators and Mr Kolles are currently working on the paperwork to effect this transfer.“Mr Colin Kolles, the previous principal of the team, offered today to hand over management control of 1MRT to the administrators. Lawyers for the administrators and Mr Kolles are currently working on the paperwork to effect this transfer.
“The administrators have already been contacted by a number of interested parties expressing a wish to buy the team and they hope a transaction with an operator of substantial financial means can be concluded in the next few weeks.“The administrators have already been contacted by a number of interested parties expressing a wish to buy the team and they hope a transaction with an operator of substantial financial means can be concluded in the next few weeks.
“It is hoped that any purchaser of the F1 team will take over the employees and they will be able to recommence their work including that at the Leafield site.”“It is hoped that any purchaser of the F1 team will take over the employees and they will be able to recommence their work including that at the Leafield site.”
Caterham have not won a point from 16 races this season.Caterham have not won a point from 16 races this season.