The Caterham Group has confirmed that it has sold its F1 team to a consortium of Swiss and Middle-Eastern investors.
All of the other Caterham group brands, including Caterham Cars, Caterham Composites, Caterham Technology and Innovation, Caterham Racing (GP2), Caterham Moto Racing (Moto2) and Caterham Bikes remain property of the Caterham Group.
This move will allow Caterham to focus on its core brands such as Caterham Cars, which currently has full order books until January of 2015. Other moves the company is making include a boost in production for the Caterham Seven in September to keep up with demand, and research by Caterham Composites into a new two-seat Caterham sports car currently codenamed the C120.
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“The future for us now lies with all the exciting brands that make up Caterham Group,” said Graham Macdonald, Caterham Group CEO. “We will be looking to maximise the benefits of the F1 platform across all our brands, working closely with the new team owners, and our core focus is still on launching the brand new two-seat Caterham Car, a project we will be making more announcements about in due course.”
The Caterham name will remain in F1, which means that the company will still receive all the exposure that comes along with F1 racing, without having to foot the bill.