Caterham administrators still ‘hopeful’ of finding a new buyer

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Caterham’s administrators are refusing to give up on finding a new buyer ahead of the 2015 season.

The Caterham team entered administration in October of last year, and missed the races in the United States and Brazil before returning for the season-ending Abu Dhabi Grand Prix thanks to a fan backed crowdfunding effort.

F1 supremo Bernie Ecclestone recently shot down the chances of Caterham returning to the Formula 1 grid, but joint-administrator and team principal Finbarr O’Connell remains confident of finding a new buyer.

“I am still hopeful,” O’Connell told Reuters. “As long as there are people there who have got a real possibility of doing something, I’m not going to close it [the team] down.

“If I do, then I will just be organising an auction as regards the assets – which I can do at any stage anyway.”

Unlike former rival Marussia, which is in line for a significant pay out of prize money after finishing ninth in last season’s constructors’ standings, Caterham is entitled to significantly far less revenue.

As O’Connell admits, this has left Caterham’s administrators with a tougher job to sell the team, and he says that time is running out to find a new buyer.

“I’ve had people visiting the site,” he said. “Some people are trying to find a way to make it work for them.

“We will do anything we can to make it happen, but it’s really in the hands of the prospective purchasers.

“I’m very conscious that a time will come when it will not make sense for anybody to invest large sums of money in racing the Caterham team for the 2015 season. Time will just run out.

“I’m not going to stifle any interest, but time is definitely running out.”

This article first appeared on Richland F1 – Image courtesy of Caterham F1 Team

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