Caterham F1 Team is now in the hands of administrators in attempt to allow the team to see out the season.
After a number of statements and responses between buyers Evangest SA and owner Tony Fernandes, Caterham's factory was closed on Thursday as administrators sought an agreement with 1 Malaysia Racing Team. Team principal Manfredi Ravetto had previously confirmed to Crash.net
that race preparations for next weekend's United States Grand Prix in Austin had stopped as a result.
In a statement from the team on Friday, it was announced that a meeting on Thursday night had resulted in the administrator taking control of the team's management in the hope it can then continue to race in Austin, Brazil and Abu Dhabi.
"Following a request of yesterday evening at 21.55hrs CET from Caterham Sports Limited's administrators and the legal advisors of Mr Tony Fernandes' related EXIM Bank, representatives of 1MRT/Caterham F1 Team have agreed, with all rights reserved, to hand-over management of the Caterham F1 Team to the administrator Mr Finbarr O'Connell in the higher interest of allowing the team to continue operating and preparing for the next events," the statement read.
Evangest insists it has paid for the team but is yet to receive shares from Fernandes
, meaning he is still the legal owner. However, Fernandes claims the buyer has not met all of the obligations
agreed at the time of sale in June.