The administrator for the Caterham F1 Team says negotiations with three interested parties have been "annoyingly slow" as time starts to run out to save the team.

Caterham went in to administration in October 2014 but managed to raise sufficient funds through a crowdfunding initiative to take part in the final race of the season in Abu Dhabi. Since then, talks have been ongoing with a number of interested parties and Smith & Williamson's Finbarr O'Connell insists they are all able to make a success of the team - which has retained its entry for the 2015 F1 season - if they decide to acquire it.

"We are in talks with a few people who have the wherewithal if they decided to go ahead," O'Connell told the Press Association. "But it's a tough investment decision. Formula One is so expensive and there is not a line of people queueing to get in. There are only a very limited number of parties who can afford to get into it.

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"One of those interested is a billionaire who would come into F1 for himself and to promote his products, whilst the other two are in the automotive industry."

Despite having three parties with a serious interest, O'Connell admits time is starting to run out for the team to be able to make the grid in 2015.

"These people can all do it, and I would like them to move quicker because there is a limited period of time. But if you are spending ?100million you are not going to buy it and rush in at the end and do a half-baked season for 2015. People who are spending that amount of money per season want to do it completely properly.

"However, there is only now a small window of time to do 2015 as well as it can be done. My view is we have this month and that's it. It might slip into next month, but only if final details are being resolved."