Caterham's administrators say the team is facing a two-week deadline before it is likely to be wound down.

Caterham Sports Limited (CSL) went in to administration last week, with the whole team being handed over to the administrators shortly after in an attempt to find a buyer. With the team skipping the United States and Brazilian grands prix, joint administrator Henry Shinners told Sky Sports that the aim was to find a buyer in time to race in Abu Dhabi, otherwise he sees no future for the team.

"We're continuing our efforts to try and find a buyer for the team, bearing in mind the workforce are the lifeblood of the team," Shinners said. "We feel that if a buyer doesn't come forward in the next two weeks then we'll probably have to wind it down."

Related Articles

Shinners comments are the latest position of administrator Smith & Williamson, despite an earlier statement claiming it would look to get the team back on the grid in 2015 if it missed Abu Dhabi.

"We remain in conversation with a number of credible, interested parties regarding the sale of the historic Caterham F1 racing team," the statement read.

"Our current strategy is to seek a buyer that will allow the team to compete in the final race of the season in Abu Dhabi on 23 November 2014 and we are doing all we can to make that happen. However, if a deal cannot be finalised in time, then the strategy is to secure a buyer to allow the team to compete in the 2015 F1 championship.

"We are working with our specialist Corporate Finance team to manage the sale process and we have received several expressions of interest from parties with the financial strength to fund a F1 race team. These conversations are ongoing. We believe this approach will maximise the assets of the broader Caterham F1 team and so enable the best outcome for creditors and other stakeholders, including employees of 1MRT.

"Staff at Caterham's Leafield site in Oxfordshire are employees of 1MRT, which is a separate entity to CSL. Staff were advised in writing that from 8 October 2014, their employment had been transferred from CSL to 1MRT. This took place before the current administrators of CSL were appointed.

"As administrators to CSL, we are doing our best to resolve matters as smoothly as possible and for the benefit of creditors and other stakeholders. This remains a highly complex situation.

"We understand that in recent weeks there has been a lack of communication between 1MRT and staff at the Leafield site. The administrators of CSL are therefore mindful of the uncertainty facing 1MRT's employees and their families and are doing their best to address this."

Comments

Join the conversation - Add your comment

Please login or register to add your comment

Come on Zoran Stefanovic, now it's your chance!!