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Caterham confirms F1 team sale

Caterham F1 Team first 2014 Renault V6 engine fire-upCaterham on Wednesday made it official, announcing Tony Fernandes' sale of the struggling F1 team.

In a media statement, the team - which will continue to be called Caterham and be based at Leafield - said it is now owned by "a consortium of Swiss and Middle Eastern investors".

The new owners are being "advised" by former HRT and Force India chief Colin Kolles, with the ex-Minardi driver and Dutchman Christijan Albers replacing Cyril Abiteboul - who is pursuing "new challenges" - as team boss.

"We are aware of the huge challenge ahead of us given the fight at the bottom end of the championship and our target now is to aim for tenth place in the 2014 championship," new Caterham team principal Albers, 35, said.

"We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of," he added.

Like Kolles, another former HRT official, Manfredi Ravetto, will "assist" Albers in running Caterham, the media statement also said.

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