The remaining assets of the financially crippled Caterham F1 Team are to be auctioned off starting on 11th March, appearing to end hopes of their returning to the grid in 2015.
Although the Leafield-based squad entered administration in October, around the same time as the similarly troubled Marussia, they raced at last year’s season finale in Abu Dhabi through a multi-million pound crowdfunding initiative. Further investment has been sought by administrators Smith & Williamson, but those efforts look unsuccessful for now. Finnbar O’Connell insisted there was still interest in buying the team for a 2015 campaign.
"I've had meetings with two parties today,” he said to BBC Radio Oxford. “They're not advanced enough for my liking. But the next person believes they're going to convince me they've got the wherewithal to buy the team."
Any buyout would have to happen before the first online auction in March, when Caterham’s 2014 chassis will be sold. The team had already been given dispensation to use their 2014 car this year since they would have been unable to make a 2015-conforming car in time, but without the chassis any chance of racing would disappear entirely. The news comes as Marussia is about to emerge from administration, awaiting approval to race their 2014 car as Manor for 2015.