The Caterham F1 team has confirmed that owner Tony Fernandes has sold the team to a consortium of Swiss and Middle Eastern investors.
The outfit, which has struggled to make major steps forward and sits last in the championship, will be run former F1 driver Christijan Albers.
The deal was brokered by former HRT boss Colin Kolles. The Romanian will not be involved however as he is focusing on Forza Rossa – a romanian backed team hoping to join the grid in 2016.
In a statement, the team confirmed it would remain at its current Leafield base and would continue to run under the Caterham banner for the ‘foreseeable future’.
“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,” said Albers.
“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.”
Previous team principal Cyril Abiteboul will leave the team, with speculation linking him to a return to Renault under the orders of Red Bull as they look to get on top of their engine issues.
