Tony Fernandes to put Caterham up for sale, according to reports
Tony Fernandes has put F1 team Caterham (formerly known as Lotus Racing) up for sale after dissapointing results. Fernandes, who also owns recently promoted Premier League side, Queens Park Rangers, has put Caterham up for sale at £350 million.
Fernandes bought Caterham in 2010, but the team haven’t managed to score a single point and their best finish is 11th place.
Three months ago, Fernandes made his diminishing interest in the sport clear and warned that if results didn’t improve, he would sell the team 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 reportedly owe millions to Renault for their engines and Fernandes is unlikely to get the requested amount due to the current economic climate.
Fernandes is also set to fight a possible £50million fine for QPR for breaching Football League Financial Play regulations.