Shareholder Jose Ramon Carabante has assumed full control of the Campos Meta 1 team in a move that should ensure the team competes in F1 during the 2010 season.
The Spanish team has been the centre of speculation over its future in recent weeks as question marks were raised about the viability of its plans to enter F1 this year. Bruno Senna is currently the only driver signed to the programme while Campos Meta has yet to run its new car.
With rumours about financial issues affecting the relationship with Dallara – the company building the Campos car – speculation suggested that the team was in danger of missing out on the chance to compete this season, before talk surfaced that a takeover was imminent.
That takeover has now been confirmed with the announcement that Carabante will take full control of the team from founder Adrian Campos, with former Spyker and Midland team boss Colin Kolles taking on the role of team principal.
In a statement issued early on Friday evening, the team insisted that the deal would 'ensure that the team would be ready to race at the first round of the FIA 2010 F1 Championship season in Bahrain' although Carabante admitted that there was still plenty of work to be done ahead of the season opener.
"I would like to thank Bernie Ecclestone, who worked tremendously to support our efforts to keep the team viable,” he said. “The whole rescue operation has been a race against time with the goal of always having the team run two competitive cars at the first Grand Prix of the F1 season in Bahrain.
"We have a lot of hard work still ahead of us but we are excited about making our F1 debut and looking forward to a competitive season."
Kolles will return to the F1 paddock having focused his attention on his own Kolles team in the DTM and Le Mans Series last season and said he welcomed the challenge of helping Campos make it to the grid.
"I could not resist this tremendous challenge and am very excited to join forces in this new team,” he said. “Over the next ten days we will review the entire operation, find the extra funding to ensure the team will make the first race in Bahrain, announce the line-up for 2010 in due time and make the operation viable under Jose Ramon Carabante's new ownership."