The future of lowly Formula 1 team Caterham has been put in even more doubt after it emerged that any investment is still some way from being found.

The team entered administration in October and missed two of the last three races of 2014, and it appeared that their four year stay in the sport was coming to an end.

However, administrators Smith & Williamson said they were in talks with three potential suitors several weeks ago, but they have now said a deal is not close.

The firm have also rejected any possibility that they will fund the team’s involvement in the first winter test at the end of this month, and suggested that if a buyer hadn’t been found by the first race in mid-March then the team will cease to exist.

Joint administrator Henry Shinners told BBC Sport: “Talks with interested parties continue, but if a buyer is not found before the test, we will not put up the money to go.

“I wouldn’t rule anything out but if we reach the first race in the same position, the chances of saving the team are virtually nil.”

Talks will resume with interested parties later this week, but time is running out for the team who would still need to employ new staff and drivers.

Shinners admitted: “We need to start moving in the next few weeks if a deal is going to get over the line.”

Caterham have failed to score a point in four years of F1.

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