Caterham is being sold to the Team Lotus concern owned by AirAsia entrepreneur Tony Fernandes, according to well placed sources.
The Kent-based sports car company - which is run by former Lotus executive Ansar Ali and owned by private equity firm Corven Ventures - is said to have struck a deal with the Malaysian that will bring fresh investment and ambitious product plans.
The deal is set to be announced next Wednesday, when Team Lotus is holding an event at Duxford airfield. It’s meant to be an F1-related activity, but the invitation says it will include “an incredibly exciting announcement about the future of our team”.
Fernandes is currently embroiled in a court battle with Lotus Cars over the use of the name in Formula One. Buying Caterham could give him a potential alternative brand to market - although Autocar sources insist that no decision has been made on whether Caterham branding will appear on F1 cars in the foreseeable future.