Caterham F1 Team have confirmed that Tony Fernandes, also known as the owner of Queen's Park Rangers football team, has sold the racing outfit to Swiss and Middle Eastern investors.

Only a matter of days ago Fernandes closed his Twitter account, dropping a large hint ahead of the sale, with the simple note: 'F1 hasn't worked. Love Caterham cars...'.

The closure of his Twitter account alongside the Tweet, suggested that all was not well with the Caterham F1 Team, whose fiscal situation has been in doubt since the beginning of the 2013 season when they replaced Jarno Trulli and Heikki Kovalinen with Giedo van der Garde and Charles Pic, two inexperienced drivers with a lower salary demand.

However, the team's finances may be only part of the reason for the sale. Their highest final position so far this season was only eleventh place, scored by Marcus Ericsson in Monaco, a race in which rival team, Marussia, took ninth place following aggressive overtaking from Jules Bianchi.

They have also suffered retirements in five races, two of which saw both cars retire. As there seems to be little success left in Formula One for Caterham, perhaps Fernandes has packed his bags to enjoy the steady progress of Queen's Park Rangers, who were recently promoted to the Barclay's Premier League.

The sale also sees current team principle Cyril Abiteboul leave with immediate effect to 'pursue new challenges'. He will be replaced by the Dutch former F1 driver Christijan Albers, with the assistance of Manfredi Ravetto.

In a statement on the Caterham website, Albers states that he and the new Caterham owners are 'very committed to the future of the team' and that their aim is now to fight for tenth place in the Constructors' Championship.

Will the instability of a change of owners further damage Caterham's championship fight, or will we see a sudden surge in performance from the Leafield based team? With the British Grand Prix only three days away, it looks like we will soon find out.

 

 Write for GiveMeSport! Sign-up to the GMS Writing Academy here: http://gms.to/1a2u3KU

DISCLAIMER: This article has been written by a member of the GiveMeSport Writing Academy and does not represent the views of GiveMeSport.com or SportsNewMedia. The views and opinions expressed are solely that of the author credited at the top of this article. GiveMeSport.com and SportsNewMedia do not take any responsibility for the content of its contributors.

Topics:
Formula 1