Hopes of finding a buyer for the Caterham F1 Team appear to be over after it was announced that the team’s assets will be auctioned off.
With Caterham having entered administration last year, the team was able to race in Abu Dhabi following a crowdfunding initiative set up by administrators Smith & Williamson. Having used the race as a way of promoting the team, joint administrator Finbarr O’Connell was hopeful of being able to find a buyer and referred to three interested parties following the end of the season.
However, it appears any negotiations with potential investors have failed, with the first auction of the team's assets set to take place on March 11.
“Acting for the Joint Administrators Finbarr O’Connell, Henry Shinners and Anthony Spicer of Smith & Williamson, Wyles Hardy & Co have been instructed to realise the assets of the Caterham F1 race team,” a statement reads.
“A series of online timed auction sales will be held covering the race equipment, engineering facility, F1 memorabilia, IT and communications, office furniture as well as private treaty sales for the Race Trailer Fleet, the state of the art Race Simulator, Dell HPC super computer and Autoclaves.
“The first Auction will focus on the race support and pit lane equipment including the 2014 chassis’ and show cars and is scheduled for early March. Further details of the sale items and terms of sale etc will be found at www.wyleshardy.com/caterhamf1/.”
Marussia also ceased trading in 2014, but it was announced yesterday that the team aims to race this season as it is set to exit administration on February 19.