The Caterham Group could be seeking new ownership.
According to a recent report from Malaysian business journal The Edge, group chairman Tony Fernandes is seeking around $589 million (350 million pounds) for the automotive and engineering companies under the Caterham Group. In addition to Caterham Cars and the Formula 1 team, Caterham Group also includes engineering specialist Caterham Technology and Innovation (CTI) and Caterham Composites.
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Fernandes acquired the company from venture capitalist group Corven in 2011 and appeared to have secured the long-term future of Caterham. Most recently however, the alliance between Renault and Caterham was annulled and the automaker’s plans to bring the AeroSeven concept to production were delayed due to customer feedback toward the concept’s design.
At the start of the year, Fernandes noted that he would pull out of Formula 1 if the results didn’t improve. So far this year after six races, Caterham is at the bottom of the constructors’ championship.
GALLERY: Caterham Seven 160
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