Caterham could be sold for $589 million, report says

Article by Christian Andrei, on May 26, 2014

Things are not going quite well for the Caterham Group as a new report from Malaysia suggests that Tony Fernandes is looking for a buyer for the Caterham Group of motorsport. For those who don’t know, Tony Fernandes is a Malaysian-British entrepreneur and the founder of the Caterham Formula One team as well as the man who purchased Caterham Cars back in April 2011.

According to Malaysian business journal The Edge, Fernandes is asking $589 million for the entire Caterham Group which includes Caterham Cars, Caterham Formula 1 team, Caterham Technology and Innovation, as well as Caterham Composites.

Back in January, Fernandes said that he will stop funding the F1 team if the performances will not improve. The F1 team is not doing so great as it failed to win any point in the F1 championship in 2012 and 2013.

Moreover, it seems that a possible reason could also be the cancelation of collaboration with Renault on the upcoming Alpine brand by Renault and the production of the Caterham AeroSeven Concept.

According to Bloomberg, Tony Fernandes did not responded to any phone call, text message or email regarding this issue. [source: worldcarfans]

Topics: caterham

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