Malaysian media reports that Caterham chairman Tony Fernandes has put the automotive group up for sale with an asking price of £350m

A report in Malaysia suggests that Tony Fernandes has put the British-based Caterham Group of motorsport, automotive and engineering companies up for sale.

Malaysian business journal The Edge, citing an unidentified source, reported on Sunday that group chairman Fernandes is looking for $589m (about £350m) for the whole business. 

In addition to Caterham Cars and the Formula 1 team, the group includes engineering specialist Caterham Technology and Innovation (CTI ) and Caterham Composites. 

The Edge’s report also said that a memorandum detailing the intention to sell has been circulated in the Middle East.

Back in 2011, Fernandes appeared to have secured the long-term future of Caterham Cars when he acquired the company from venture capitalist group Corven.

His ambitions to expand the size and scope of Caterham Cars experienced a setback earlier this year when it was confirmed that its sportscar collaboration with Renault had been annulled.

Additionally, the manufacturer’s plans to bring the striking AeroSeven concept to production have been delayed because customer feedback prompted an overhaul of the car’s design.

At the start of the year Fernandes said he could quit Formula 1 unless his team’s results improved. 

After six races Caterham is bottom of the constructors’ championship, and lost ground when fellow minnow Marussia scored its first-ever points in Monaco on Sunday.

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Comments
11

25 May 2014
I said at the start of the season that there'd be two teams which wouldn't make it to the end of the season. My picks were Caterham and Lotus. Lotus because they seemed to be spending money they didn't have and still, apparently, owed Kimi. For Caterham jus that the bubble would burst. Marussia I thought would just hang in, and Force India too. My prediction may just come true.

25 May 2014
It is far better for the likes of Caterham, Lotus, MG, TVR, et al to simply stop trading and die gracefully. There is no shame in this - it preserves both the legacy and the hope that, one day, they might be exhumed and rise again to glory. It is certainly better than the degrading spectacle we continually see playing out before us where the flotsam and jetsam of the "business" world repeatedly wipe their bottoms with these great British names.

TBC

26 May 2014
It's sad to see another wealthy investor bailing as soon as their toy fails to provide them with the immediate results they seem to constantly crave. Have these people never heard of delayed gratification?

26 May 2014
If Mr.Tony could be a bit more patient, just quit the ultra expensive F1 racing and concentrate new Caterham models. Complete the development of the Aeroseven & the new sportscar model, put them into production and build up the sales network. With regards to motoracing, Caterham could still compete in the GT/sportscar racing , which is actually a better marketing platform for Caterham. Leave the F1 bussiness to the big manufacturers..

26 May 2014
Wow, that is a very optimistic asking price. I agree with Jaybound, ditch the F1 money pit and concentrate with the road car and engineering side.

26 May 2014
Perhaps he wants the money for his football club,QPR?, he may well understand he stands a better chance of getting someware in football not F1. I do not know of course but it may well be the reason.

26 May 2014
Here we go again. Another British marque that is at death's door thanks to the ownership and mismanagement of foreign ownership. I just hope that Caterham isn't asset stripped and sold off as separate interests, but as long as Tony Fernandes gets his £350m, will he care? I doubt it. We need someone British to step up to the plate and rescue Caterham, someone who cares for the British motoring industry. After the way BMW set the ball rolling for MG Rover's demise, TVR's collapse, Lotus constantly going in and out of life-support and Aston Martin just about keeping its head above water, it's clear that generally foreign investment in British marques does not bode well.

26 May 2014
a decent car maker goes up for sale I sincerely hope that it doesn't become the 13th subsidiary of a great big massive ever-enlarging motoring group.

26 May 2014
Caterham was always going to struggle. Just like Lotus is currently. It would be nice to see a British investor come in instead of all the foreign helpers, but without the foreign investment I doubt we would have any car industry in this country at all. A sad indictment of how the people with the money won`t invest in long term manufacturing projects. Give thanks to the Germans who nurture our brands and Japanese who keep production numbers up.

26 May 2014
One senses that this has been a while coming, and that Fernandes' grand plan was originally based around Lotus. But fallout with the Malaysian owners and the silly F1 Lotus name saga put paid to that and he focussed on trying to build up Caterham into a brand that went beyond Lotus Seven - at a time of motor industry decline.

It would be nice to see Caterham once again closely linked to Lotus, especially as the Elise comes to the end of its life. As they did with the Seven, Caterham could carry it on for the future.

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