The team was handed over to administration in last October, as the team has debts of around £16 million, missed both United States and Brazil, while the team attend Abu Dhabi Grand Prix via a Crowdfunding scheme. Attempts were made to find a buyer to save Caterham but with no conclusion. Administrators Smith & Williamson have instructed auctioneers Wyles Hardy & Co to realise the assets of the Caterham Formula One team via a series of auctions in March, April and May.
Personally, I think this is sad news for Formula 1. Because you've got a team leaving F1 that means we're down to 18 (20) drivers, 9 (10) teams not a lot of opportunity for drivers and mechanics now with the grid reduced. Also, I believe most of the F1 fans do love the underdog teams, which includes myself with the teams like Minardi, Super Aguri and Manor. However, I believe that Engavest who was the consortium of Swiss and Middle Eastern investors bought the team from previous owner Tony Fernandes and Tony Fernandes himself are to blame for the demise and closure of Caterham.
Meanwhile, Manor's administrators announced that the former Marussia F1 Team will come out of administration on 19th February 2015 it was confirmed on Wednesday (4/2/15) and will plan to enter the 2015 Formula One season under the name Manor F1 Team with John Booth and Graeme Lowdon running the team with new investment. However, on Thursday (5/2/15), the team's request to compete in the 2015 season using 2014 chassis was declined by the other Formula One teams, mainly blocked by Force India. And with no time building a new car for the 2015 rules it maybe the end for Manor as-well.
End of blog for now, new post soon, bye.
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