Caterham’s fate doesn’t look promising with news that administrator Finbarr O’Connell has instructed auctioneers Wyles Hardly & Co to prepare the sale of the team’s assets.
Caterham went insolvent during the 2014 season but managed to race at the season finale thanks to a crowd-funding campaign. That raised the necessary funds to operate the team for a single race weekend.
But with no deal in place to rescue the team, it’s collapse looks almost certain, despite O’Connell admitting there are interested parties.
“The team is still for sale,” he told BBC Radio Oxford. “I’ve had meetings with two parties [this week]. They’re not advanced enough for my liking. But the next person believes they’re going to convince me they’ve got the wherewithal to buy the team.”
Despite this, a statement was released this week confirming the sale of assets through a number of online auctions which are set to begin in March.
“Acting for the Joint Administrators Finbarr O’Connell, Henry Shinners and Anthony Spicer of Smith & Williamson, Wyles Hardy & Co have been instructed to realise the assets of the Caterham F1 race team. A series of on-line timed auction sales will be held covering the race equipment, engineering facility, F1 memorabilia , IT and communications, office furniture and as well as private treaty sales for the Race Trailer Fleet, the state of the art Race Simulator, Dell HPC super computer and Autoclaves.”
More details of the auction can be found at www.wyleshardy.com/caterhamf1/
