Owner Tony Fernandes dismisses talk of Caterham F1 being up for sale

Caterham not up for sale

A day after reports claimed that the Caterham F1 team was up for sale, owner Tony Fernandes has stated that the reports were false and he has no intention of selling the team. The Malaysian millionaire also owns an airline AirAsia and newly promoted Premier League team, Queens Park Rangers.

Fernandes bought the team in 2010 and reports claimed that he was dissapointed with the team’s performance over the last few years and thus preferred to focus on QPR. But he has now denied all such rumours, saying, “Caterham Group is not for sale. We love what we build and we are always looking for further investment. This is no different to how we started AirAsia. Yes, we are constantly challenging ourselves and making decisions on everything from the structure to projects within the Group. That is normal business. That does not mean we are selling."

The 50-year-old is ranked 28th amongst Malaysia’s richest people and three months ago had been quoated as saying, “I don't think we're going to carry on. After five years and to get no points, there's a limit to everyone's patience, money etc. I think if we are going to every race and are not competing, two seconds behind everyone else, then we haven't made any progress. If we are not competing then we have got to seriously examine ourselves as to whether this makes sense."

Caterham failed to pick up a single point in the 2012 and 2013 seasons. Since that last quote attributed to Fernandes, there has been no improvement on the track with their best finish still being 11th place.