Motorsport

Published: Wednesday May 28, 2014 MYT 4:14:03 AM
Updated: Wednesday May 28, 2014 MYT 4:15:05 AM

Caterham not for sale, says Fernandes

Tony Fernandes, CEO of AirAsia, looks on upon arrival at the domestic airport in Manila May 23, 2014.  REUTERS/Romeo Ranoco

Tony Fernandes, CEO of AirAsia, looks on upon arrival at the domestic airport in Manila May 23, 2014. REUTERS/Romeo Ranoco

LONDON (Reuters) - Caterham owner Tony Fernandes denied on Tuesday that his group of companies, which includes the struggling Formula One team, was up for sale but said it was seeking new investment.

Reports in Malaysia at the weekend had said the AirAsia budget airline boss was seeking to sell the British-based team and sportscar company and an information memorandum was being circulated in the Middle East.

"Caterham Group is not for sale," Fernandes said in a statement.

"We love what we build and we are always looking for further investment. This is no different to how we started AirAsia.

"Yes, we are constantly challenging ourselves and making decisions on everything from the structure to projects within the Group. That is normal business. That does not mean we are selling."

The statement added that Caterham Group was actively searching for additional investment as part of its "ambitious plans to develop" and co-chairmen Fernandes and Kamarudin Meranun remained wholly committed.

Caterham have yet to score a point in more than four years of competing in Formula One and are currently last in the constructors' standings with Japanese driver Kamui Kobayashi and Swedish rookie Marcus Ericsson.

Fernandes, whose Queens Park Rangers soccer club was promoted back to the Premier League last weekend after one season in the Championship, warned in January that he could walk away from Formula One if the team's performance did not improve.

(Reporting by Alan Baldwin, editing by Editing by Ken Ferris)

advertisement

  1. Scotland will continue to host major sporting events - Salmond
  2. Malaysia flag flown at half-mast at Games village
  3. Real Madrid sign Colombian Rodriguez
  4. Amy: Team spirit will carry us through
  5. Chance for national shuttlers to deliver without Chong Wei
  6. Dragons' Tautuaa is back, healthy and hungry
  7. Arsenal FC unveil new outfit at global launch
  8. What a crying shame for shooter Nur Ayuni
  9. No more playing in the shadows for Pei Jing
  10. OFF THE COURT: Engage the youths in sports

advertisement

advertisement