Tag: Tony Fernandes

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Caterham Formula 1

Dark days ahead for Caterham F1 Team

2014 Singapore Grand Prix

The appointment of adminstrators to Caterham Sports Limited has uncovered a legal stoush between the new and old owners of the Caterham F1 Team and the team’s appearance at the United States Grand Prix is looking increasingly unlikely.

Via the team website Caterham F1’s “buyer” Swedish company Engavest SA has issued a damning statement, which you can read in full after the break. It claims the “seller”, led by Tony Fernandes, has failed to comply with the terms of the sale.

“Since the date of the Agreement, the Seller has refused to comply with its legal obligations to transfer their shares to the Buyer,” the statement reads. “The Buyer has been left in the invidious position of funding the team without having legal title to the team it had bought.

“This is in total contradiction to the Seller’s press release of 3 October 2014 which stated that Mr Fernandes and his Caterham Group had no longer any connection with the Caterham F1 Team.”

Further, the statement adds: “The administrators of Caterham Sports Limited have been appointed on behalf of Export-Import Bank of Malaysia Berhad (Exim), a creditor of Mr Fernandes and the Caterham Group. The Buyer has no connection with Exim. Caterham Sports Ltd was a supplier company to the Caterham F1 Team.”

In the most public sign yet that the F1 team’s immediate operating future is in doubt the statement concludes: “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.”

Fernandes has described the Caterham F1 Team statement as “garbage” to BBC Sport and said this via twitter: “If you buy something you should pay for it. Quite simple.”

[Source: BBC]

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Caterham Formula 1

Caterham F1 Team sale confirmed

2014 Canadian Grand Prix

As expected the Caterham F1 Team has announced a change of ownership with Tony Fernandes making way for a consortium of Swiss and Middle Eastern investors. The new ownership group is being advised by Colin Kolles, former HRT Team Principal.

Christijan Albers, former F1 driver with Minardi and Midland/Spyker, will be calling the shots on a day-to-day basis with assistance from Manfredi Ravetto, also previously from HRT.

Caterham will continue to operate from its Leafield base in the UK and will maintain its current team title. The ownership change takes place with immediate effect.

“We are aware of the huge challenge ahead of us given the fight at the bottom end of the Championship,” Christijan Albers said. “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.”

Continue reading “Caterham F1 Team sale confirmed”
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Caterham Formula 1

Looks like Tony Fernandes is true to his word

Tony Fernandes

At the start of the year Tony Fernandes told his Caterham F1 team he thought they were under performing and that if he didn’t see improved results in the 2104 season he would walk. “If we’re at the back I don’t think I’m going to carry on,” he said.

Well, with the CT05 proving to be as effective as it is ugly, word on the street says Fernandes is about to walk.

Under the ownership of Fernandes Caterham is yet to score a world championship point and the team currently sits at the bottom of the standings in the constructors’ championship. We’re also guessing Tony wouldn’t have worn his trademark smile when fellow backmarker Marussia scored its first points at the Monaco Grand Prix a few weeks back.

It’s been tipped that Fernandes will announce his sale and departure from the F1 team tomorrow, although he will maintain control of Caterham’s road car division.

[Source: Joe Saward]

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Caterham

Tony Fernandes standing by Caterham, for now

2014 Monaco Grand Prix

Prior to the start of the 2014 Formula 1 season, Caterham boss Tony Fernandes demanded the team improve its results or he would sell up shop.

“My message to the 250 people here [at the factory] is we have to go for it this year,” he said. “This is it—the final chance. We’ve given you the best infrastructure, the best potential drivers but it is now down to all of you to go and do it.”

Well, so far season 2014 hasn’t been a great one for Caterham. The CT05 is dog ugly to begin with and the team sits at the bottom of the constructors’ table. Although, Marcus Ericsson’s P11 in Monaco last weekend did equal Caterham’s best F1 result. Trouble is, they were pipped by Marussia and Jules Bianchi who finished ninth and collected two world championship points, something Caterham is yet to do in F1.

So recent talk suggesting Fernandes was ready to sell all of his Caterham assets—the F1 team and the car manufacturer—came as no surprise. However, the business tycoon has issued a clear statement that Caterham is not for sale.

“Caterham Group is not for sale,” Fernandes said. “We love what we build and we are always looking for further investment. This is no different to how we started AirAsia.

“Yes, we are constantly challenging ourselves and making decisions on everything from the structure to projects within the Group.

“That is normal business. That does not mean we are selling.”

Still, something tells us Ericsson and Kamui Kobayashi had better hope they enjoy a few good Sundays before the year is out otherwise Fernandes may come good on his pre-season promise.

[Source: Autosport]

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Caterham Formula 1

Tony Fernandes delivers Caterham ultimatum

Tony Fernandes

While announcing the new drivers for the 2014 F1 season Caterham owner Tony Fernandes delivered his under-performing team a sharp and direct ultimatum: Get better or I’ll quit!

“My message to the 250 people here [at the factory] is we have to go for it this year,” Fernandes said. “This is it—the final chance. We’ve given you the best infrastructure, the best potential drivers but it is now down to all of you to go and do it.”

And then came the threat that the Malaysian entrepreneur is willing to leave F1.

“If we’re at the back I don’t think I’m going to carry on,” claimed Fernandes. “Nothing is set in stone but after five years with no points there is a limit to one’s patience, money, motivation, etc, so it’s an important year.

“I need to feel like we’re going somewhere. If I feel we can compete, then great but if we’re not competing then we have to seriously examine ourselves and ask ‘does this make sense?’ If we’re not competing, two seconds behind everybody else, then we haven’t made any progress.”

So, no pressure on F1 rookie Marcus Ericsson and the returning Kamui Kobayashi to deliver some strong results, then.

Fernandes also took the opportunity to pass comment on the introduction of double-points status for this year’s final race in Abu Dhabi.

“That is a fake fix,” Fernanded added. “What’s better is to solve the issue and make the racing more compact so a Sauber, a Lotus or a Force India could cause an upset.

“That’s what people like to see, what people like to watch, and that is what is missing in Formula One. The gaps between the haves and the have-nots has made racing boring.”

[Soure: The Guardian]

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Formula 1 Lotus

Lotus Racing looking for a new name?

2010 Singapore GP

The Lotus position seems to have worsened for the Lotus Racing F1 team with an Autosport article claiming Proton-owned Group Lotus is now unwilling to work with 1 Malaysia Racing Team, otherwise known as Lotus Racing.

Technical boss Mike Gascoyne is perplexed at the stance from Group Lotus, “We don’t really understand why Group Lotus don’t want to support us in doing that job for them. We’ve brought great value to the brand and the shareholders invested something like £80 million into the brand and the development of the team, and we’re a little bit failing to understand why Group Lotus seem to want to try to kick us out.”

Group Lotus wants to cast its motorsport arm wider than F1, something which Gascoyne can’t understand, “Because they seem to want to do every racing series that there is, and for a loss-making car company, that seems to be slightly perplexing. But if that’s what they want to do, good luck to them.”

Unless some very big hatchets are buried soon the future of Lotus Racing as we know it looks increasingly likely to be operating under a different name. With a new Renault engine deal and gearboxes supplied by Red Bull Tony Fernandes and his merry men are keen to get ready fir the 2011 season. Gascoyne added, “We’ll be firing the car up on 25 January in readiness for the first test in February.”

[Source: Autosport]