It looks like the Caterham Formula One crisis has hit another pothole, just shortly after announcing that they were looking to come up with a financially acceptable agreement to save the team.
Earlier this month, bailiffs seized several items from Caterham. This however was brushed aside by the new owners, who insisted that Caterham Sports Ltd is not related to them, as they had transferred operations to the holding company of the team.
The crisis took a new and dramatic twist however, after the team’s new owners threatened to quit the team and take legal action against founder, Tony Fernandes, for allegedly not transferring shares to them.
Their official statement also revealed the buyer’s identity for the first time, as a Switzerland-based company called Engavest SA.
The Malaysian businessman has since refuted their claims, telling BBC Sport that the claims were “garbage”. Fernandes, who sold the racing outfit back in July, added that his lawyers would respond today.
Shortly after, the Air Asia magnate tweeted the below, further fueling speculation on the team’s immediate future.
https://twitter.com/tonyfernandes/status/525013496917143552
According to reports, the ongoing dispute centers on whether the new owners have paid for the team or carried out obligations and guarantees with Fernandes, as part of the sale. The new owners are also facing employment tribunal proceedings from 38 former employees, who are claiming for wrongful dismissal.
This dispute now brings into question on Caterham’s participation in the remaining Formula One races in Texas, Brazil and Abu Dhabi. Caterham joined the sport back in 2010, but have yet to score a single point since then.
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