Caterham F1 Team this afternoon announced that Tony Fernandes has sold Caterham to a consortium of Swiss and Middle-Eastern investors who were advised by former HRT Team Principal Colin Kolles.
The team will continue to operate as Caterham F1 Team from its factory in Leafield.
Former Minardi and Spyker driver Christijan Albers will be in charge of the day-to-day running of the team, while Cyril Abiteboul, the former Team Principal, will leave the team.
“We are aware of the huge challenge ahead of us given the fight at the bottom end of the Championship,” Chrstijan 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.”
Rumours have surrounded the sale of Caterham for several months and speculation increased following a series of cryptic tweets from Caterham owner Tony Fernandes who tweeted “F1 didn’t work” before deleting his account.
Caterham lost out to rivals Marussia when the team, who joined F1 alongside Caterham and the now-dead HRT team in 2010, scored their first points at the Monaco Grand Prix in May.