Caterham Group has sold its financially struggling F1 team to a consortium of Swiss and Middle-Eastern investors so that they can focus on “core activities and continue to see them develop and flourish”.
With F1 team sold, All other Caterham Group brands – Caterham Cars, Caterham Composites, Caterham Technology & Innovation (CTI), Caterham Racing (GP2), Caterham Moto Racing Team (Moto2) and Caterham Bikes, will remain as core elements of Caterham Group under the direction of CEO Graham Macdonald and shareholders Tony Fernandes and Kamarudin Meranun.
Even though Caterham Cars has not done anything revolutionary in a long time, the order book for their cars is full until January 2015, with the company planning to ramp production from September this year to satisfy increasing and unprecedented global demand for the legendary Seven.
Graham Macdonald, Caterham Group CEO: “Firstly I want to thank everyone who was involved in the F1 team for all their hard work and dedication since the team’s first days in 2009. We have now secured an exciting new future for the F1 team with Dr Kolles that will allow the Caterham name to remain in Formula 1, giving us all the benefits of that exposure but also allowing us to focus our resources on new Caterham product development whilst leaving F1 to enter an exciting new chapter under the guidance of the new owners.
Hopefully with focus more on cars we can also expect to see something new and revolutionary in the coming years.