The demise of the Caterham F1 team has been taking place in recent days, with a very public slanging match over who owns what.
This occurred after an administrator was appointed for the Caterham Sports Ltd company, which provided various services for the franchise-holder, Malaysia-based 1MRT.
The administrator has since been throwing his weight around, refusing to allow the cars to leave the premises and locking out the staff. It is not clear whether the company in administration actually owns the cars or the factory, but the administrator is acting as though it does.
The bottom line is that Caterham will almost certainly not be seen in Texas next week for the United States Grand Prix. The team’s entry will not be written off immediately, however, as the various agreements that exist in F1 allow a team to miss three races in a single season if it cannot be avoided.
The franchise-holding company is still solvent so there is no reason for the rights and benefits to disappear immediately. However, if the franchise is to have any value at all, someone needs to submit an entry for next year in the next few weeks. It is unlikely that anyone will be a position to do that, or would be willing to pay the entry fees involved without being certain of being able to field a team.