Caterham F1/GP2 assets seized by bailiffs?

With Caterham's exit looming, Marussia and Sauber rumored to leave as well, three car teams are now becoming a real possibility. @pitlanetalk
 
Wonder if teams that tried to join F1 a few years back, like the David Richards "Prodrive" (which I recall being very surprsied to be declined at the time) will get a chance?

However, part of me prefers the idea of 3 car teams...
Should make the overall field more competitive
Will spice up the constructors championship more
More opportunity to directly compare 3 drivers in the same car, potentially mouth watering line ups
Might yet save Jenson's "bacon" at McLaren?

But with Caterham developments regarding news in the last 48 hours, the whole situation looks very messy, who has the shares and who owns the team?!
 
UTmaniac said:
Wonder if teams that tried to join F1 a few years back, like the David Richards "Prodrive" (which I recall being very surprsied to be declined at the time) will get a chance?
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As I recall they'd agreed a deal with Mercedes and the FIA wanted the new teams to use the Cosworth engine.
 
This is getting beyond ugly, I feel bad for the guys at the factory and the team, but i suppose it has been on the cards for a while now, I cant see how they can continue to race, looks like there will be a couple less cars at the back of the grid for the remaining races.
 
feel sorry for the employees. imagine working your backside off for years with not a single point to show for it. all those flights, pit stops, analysis, briefings, early starts etc. what a shame.
 
JeditOjanen said:
They're going to find it hard to race without a car.
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Last I knew the cars were taken to Germany rather than Leafield, so they've got the cars, they just don't have fresh parts to put on them (hence Kobayashi's patched up suspension and him being scared to race at Sochi, which was probably the reason for his retirement).
 
smr said:
feel sorry for the employees. imagine working your backside off for years with not a single point to show for it. all those flights, pit stops, analysis, briefings, early starts etc. what a shame.
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Assuming they got paid then there's nothing to feel sorry for.
 
Tony and the crew hit back...

http://uk.caterhamcars.com/news/caterham-group-statement-sale-caterham-f1-team

Tony Fernandes, Caterham Group co-Chairman:

“In June 2014, I decided, together with my co-shareholders, to sell my stake in the Caterham F1 team. We agreed in good faith to sell the shares to a Swiss company named 'Engavest' on the basis that Engavest undertook to pay all of the existing and future creditors, including the staff. The continued payment of staff and creditors was so important to me that I ensured that the shares would not be transferred to the new buyers unless they complied with this condition.

Sadly, Engavest has failed to comply with any of the conditions in the agreement and Caterham Sports Ltd (the UK operating company of the F1 team) has had to be put into administration by the bank, with large sums owing to numerous creditors. Our agreement with Engavest was very clear: there was no legal obligation to transfer the shares to them unless certain conditions - which included paying creditors - were met. Those conditions have not been met. Our lawyers have asked Engavest several times to comply with these conditions but they have failed to engage.

If you agree to buy a business, you must pay its bills. They have breached that promise and now, sadly, it is others such as the employees and the fans of the Caterham F1 team that will suffer if the team ceases to race. I sincerely hope that this will not be the case and that a solution can be found.”

Graham Macdonald, Caterham Group CEO:

“We genuinely believed, at the time, that the sale of the team was the best route for the staff and creditors of the Company, as we felt it secured its long term future. The whole agreement with Engavest was based around a low consideration for the business, with easy payment terms so that creditors and staff could be paid. The buyers were made fully aware at the time of all outstanding liabilities. However, it appears to me that they never had any intention of paying these liabilities. I go on to question how anyone who was interested in the long term future of the business would appoint one of their cleaners – Constantin Cojocar – as the sole director and shareholder of the UK operating Company?

We continue to see claims and counter claims from the F1 team which are totally unfounded. Not only have they failed to pay the creditors (and have even left our shareholders to pay some of the creditors on their behalf), but they have failed to pay us anything for use of our factory and site, or anything for the use our brand name. In short the new owners have paid us nothing and now the administrators have been appointed they want to walk away from their liabilities.”
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this_is_gav said:
As I recall they'd agreed a deal with Mercedes and the FIA wanted the new teams to use the Cosworth engine.
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Any team that didn't agree to use Cosworth engines got ignored in the selection process. I think a few rejected teams even attempted to sue the FIA over it.
 
Flibster said:
More like Bernie has found a way to make money from the team.

Genuinely can't imagine him helping out unless there's profit in it for him. Losing a team is good for him as it means there is less money needed to be dished out to the teams and more for FOM.
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And another wedge when another joins.
 
Marussia in trouble too...

http://thisisf1.com/2014/10/24/marussia-also-danger-missing-us-grand-prix-reports/

"“We have now learned that another cash injection is required so that the team can make the trip to Austin and Sao Paulo,” Schmidt said.

“This is happening while the owner Andrey Cheglakov wants to sell.”

Russia’s Championat and Germany’s Auto Bild are reporting similarly, adding that a deadline is looming for Marussia to make overdue payments to engine supplier Ferrari.

And Italian reports suggest that Ferrari has already ceased to supply technical and installation information about the customer engine for 2015.

Writing in Switzerland’s Blick, veteran journalist Roger Benoit agreed that the situation at Caterham and Marussia could mean only 18 cars line up on the Austin grid. (GMM)"
 
smr said:
Writing in Switzerland’s Blick, veteran journalist Roger Benoit agreed that the situation at Caterham and Marussia could mean only 18 cars line up on the Austin grid. (GMM)"
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Which then puts Bernie and the FOM in breach of contract with the FIA to supply 20 cars.

Hence all the rambling earlier this year about 3 car teams.
 
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