Caterham Group Reportedly For Sale
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.
SEE ALSO: Renault, Caterham Breakup Announced
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
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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