Caterham, the Formula 1 team best remembered for never scoring a single championship point, might be gearing up for an unlikely second act.
The bold plan is being driven by a 24-year-old Kuwaiti entrepreneur named Saad Kassis-Mohamed, who hopes to revive the defunct name and have a car on the grid by 2027.
While Formula 1 has seen its fair share of ambitious start-ups vanish before lights out, SKM Capital – Kassis-Mohamed’s investment firm – insists this is no vanity project. Then again, given SKM’s lack of credentials and the sport’s notoriously high barriers to entry, it may be a story best read with a pinch of salt.
The team, currently operating under the name SKM Racing, has apparently established a technical centre in Silverstone and a racing department in Munich. It plans to start with 210–230 employees, expanding to around 320 within three years.
“Formula 1 is a disciplined engineering competition with a predictable cost framework,” said Marcine Graham, Managing Partner of SKM Capital, in the press release announcing the project.
“This combination makes it attractive for investment. We are building a compact, data-driven organisation that is sustainable and competitive from the outset.”
Managing Director Elena Richter added: “We will not recruit more people than is really necessary until our foundation is ready.”
Engine Talks and "Smart" Outsourcing
Discussions are reportedly underway with two of F1’s existing engine suppliers, though choices are limited.
Ferrari or Honda appear the most realistic partners, as Mercedes will already be at capacity supplying four teams by 2027, and Red Bull Powertrains planning to keep its resources in-house.
SKM Racing also insists it will take a pragmatic approach when it comes to parts.
“We save time by making smart decisions about what we produce ourselves and what we outsource,” the team explained.
Why Caterham?
Kassis-Mohamed has already earmarked €280 million for the project and believes the Caterham name offers a smoother route into the sport.
“Caterham is still a familiar name to many, but they are not currently participating in F1,” he told Sportstar Magazine.
“A brand licence makes it easier to enter the marketing world without having to revive the old company and its debts.”
It is an interesting choice: Caterham’s 2012–14 stint in F1 was defined less by speed and more by pluck, with the team folding after persistent financial struggles. Still, its name recognition may carry weight with the FIA.
The Roadblocks Ahead
The group plans to submit full registration documents in early 2026, have its Silverstone factory fully equipped by then, and roll out its first chassis by the third quarter of that year. That all hinges, of course, on receiving the green light from both the FIA and Formula One Management.
And here lies the real snag. Formula 1 stakeholders have repeatedly insisted that any new entrant must add tangible value to the championship – a hurdle that even the Cadillac-Andretti project, backed by General Motors, struggled to clear.
For SKM Racing, whose bid is led by a 24-year-old with no previous F1 track record, the odds are clearly stacked against them.
A Dream or a Delusion?
There’s no doubt Kassis-Mohamed’s project comes wrapped in ambition and enthusiasm. But Caterham’s rebirth, if it ever materialises, would face the same challenges that sunk the original outfit: the sheer competitiveness and financial heft required to survive in modern Formula 1.
For now, SKM Racing’s bid adds a dash of colour – and perhaps a smile – to the paddock chatter. Whether it will ever add another car to the grid is a story that remains very much in the realm of “wait and see.”
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