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'Fernandes trying to sell Caterham F1' - GPUpdate.net

Tony Fernandes is looking to sell the Caterham F1 Team and the other Caterham subsidiaries, it has been reported.

According to Malaysian newspaper, The Edge Malaysia, Fernandes is looking for £350 million in total, with an information memorandum having been circulated in the Middle East.

A spokesperson for the Caterham F1 team meanwhile refused to comment on the matter when quizzed in Monaco.

Caterham have still to score a point since entering the sport back in 2010 in its previous guise as Lotus Racing.

Fellow backmarkers Marussia – who joined F1 at the same time – broke their duck on Sunday in Monte Carlo when Jules Bianchi took ninth.

At the start of the year, Fernandes warned that he would not keep supporting the outfit indefinitely if there was no sign of progress.

"My message to everyone is we have to go for it this year," Fernandes said back in January. "This is it – the final chance.

"If we're at the back I don't think I will carry on. Nothing is set in stone, but after five years with no points there is a limit to one's patience, money, motivation, etc. 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 then we have to seriously examine ourselves and ask 'does this make sense?' If we're two seconds behind everybody else, then we haven't made any progress."
 
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