Administrators have confirmed that CPRL will operate ‘as normal’, maintaining British Touring Car Championship operations while actively pursuing a going-concern rescue.
The company behind Cataclean Plato Racing entered administration just days after Adam Morgan scored the team’s breakthrough victory at Knockhill.
The timeline accelerated following Cataclean’s appointment of administrators on August 12th, with the operation promptly put up for sale.
Team boss and BTCC legend Jason Plato departed, with sale documents revealing the team had lost over £800,000 since its inception.
Following Plato’s exit, the outfit has officially rebranded to CPRL and will take to the grid at Donington Park, easing widespread fears over an immediate withdrawal.
In an exclusive comment to Motorsport Week, Arafino Advisory Limited confirmed that the squad intends to compete at ‘forthcoming’ events.
“The Company is continuing to trade in Administration under the control of the Joint Administrators, with the objective of achieving a rescue of the business as a going concern.
“At present, the Company continues to operate as normal and the intention is for the team to compete at forthcoming race events, including this weekend’s event at Donington Park, albeit under a different name – CPRL.”
Arafino Advisory’s description of CPRL as chasing a ‘rescue of the business as a going concern’ will offer some reassurance to fans.
The phrase indicates that the administrators are looking to preserve the team as an operation, rather than selling its assets. Alongside confirmation of the team operating ‘as normal’, it suggests the squad’s immediate future is intact.
It does not, however, amount to confirmation that the team’s long-term future is safe. The administrators must assess whether a viable rescue can be achieved and, if not, determine the outcome that best serves creditors under the administration process.
Further clarity may not emerge until after August 25th, when Pantera Valuations’ deadline for sale enquiries expires.
Discussion about this post