Another boss has to quit Caterham F1 Team. The ownership of the Caterham F1 Team was transferred in June. Bosses do not stick around here for long.
Caterham Sports Ltd, a supplier company to the Caterham F1 Team, owes €19 million to the Export-Import Bank of Malaysia Berhad. It was declared bankrupt. Moreover, it has turned out that the former shareholder Tony Fernandes had not transferred his shares of ownership to the new management team.
Another boss, Manfredi Ravetto (on photo above), has quit the team recently. He told Crash.net: “I've been asked by my direct superior entities to step back and this I have to follow. So I presume that now the owners of Caterham F1 Team — who I understand is still Mr Fernandes — has to make all necessary steps from now on. I don’t know if we are on the grid in Austin. This I cannot say because we have been keeping the normal race preparations until today. What happens from tomorrow onwards is not under my control anymore. I hope so, but it's beyond my knowledge and control really. I'm purely an executor.”
The situation leaves Caterham F1 Team in limbo. It remains uncertain whether the team is able to participate in the next Grand Prix.
The official statement released by the team says: “Since the date of the agreement, the Seller has refused to comply with its legal obligations to transfer their shares to the Buyer. The Buyer has been left in the invidious position of funding the team without having legal title to the team it had bought. After three months of operating the Caterham F1 Team in good faith, the buyer is now forced to explore all its options including the withdrawal of its management team. Lawyers have been instructed by the Buyer to bring all necessary claims against all parties, including Mr Fernandes who, as an owner, will run the F1 operation.”
