Caterham F1 staff locked out of Oxfordshire site

[Duncan]

The story just gets more bizarre.
http://www.jamesallenonf1.com/2014/1...-in-crossfire/
Supposedly Fernandes still technically owns the team, he never transferred the shares because he says he hasn't been paid for them yet.

The latest statement from Tony is that the buyers have not yet met all of the terms of the contract. According to him (and I have no reason to doubt what he says) the contract requires the buyer to not only pay for the team but pay off any current creditors before the shares are transferred. It sounds like Tony is saying that he has been paid, but since the creditors haven't been paid yet he is not required to hand over the shares.

http://www1.skysports.com/f1/news/12...is-hit-f1-team

[driveace]

Which fool took on that deal .?
Who the he'll would pay money for a bankrupt company and clear all the debt to creditors ?
Can the salesman who brokered the deal get up here and sell my house and get the buyer to pay off all my debt ?

[Malbec]

Which fool took on that deal .?
Who the he'll would pay money for a bankrupt company and clear all the debt to creditors ?
Can the salesman who brokered the deal get up here and sell my house and get the buyer to pay off all my debt ?

Its a common kind of deal, buy the company and assets for next to nothing, often something nominal like £1 but take on all the debts. Its up to the new owner to turn the business around and make it profitable.

Fernandes has proven himself a liar already by declaring that he and his companies no longer had any connection with Caterham f1 when he was clearly the majority shareholder all the time. The answer to this mess lies in the legal documents laying out the sale of the company which will indicate which side's version of events particularly to do with the debts is correct. Personally I feel both sides are stretching the truth and I also suspect Kolles and Albers agreed to a deal only to find that the investors backing them were not keen or able to provide the money they promised.

[N. Jones]

Now Marussia is out too??? This is so sad. Competition is a good thing, a healthy thing. I don't know what the solution is, but more teams on the grid is good for the sport.

[Starter]

Now Marussia is out too??? This is so sad. Competition is a good thing, a healthy thing. I don't know what the solution is, but more teams on the grid is good for the sport.

It all comes down to money. As in it costs way too much to be a player at this level. Only the most well heeled and supported teams have a ghost of a chance of being mid pack which leaves no support for the lesser teams. Or at least not nearly enough support to cover the costs of participation.

[steveaki13]

What has happened here????

Caterham are in a very strange position where no one seems to know what is going on with ownership and money.

Now whats happened to make Marussia miss the rest of this season? I didn't realise they were in such a bad situation. Obviously Bianchi's crash has not helped, but they shouldn't be withdrawing from F1.

Their 2 points from Monaco look likely to go to waste.

F1 needs to reduce costs to enter F1 at least. The rich teams will always win, but lower costs would surely at least let more teams enter towards the back of the grid. Like early 90s. They spent little to get in back then and many gave it a go.

[steveaki13]

It all comes down to money. As in it costs way too much to be a player at this level.

As I stated though, it used to be teams would enter for I assume less money, and they would race around at the back, but at least they were racing each other and boosted cars

I mean all those cars in the early 90s made F1 great fun to watch, despite the fact 4 teams would be the only ones winning.

[Mia 01]

I Think sauber needs to score one or two Points.

[steveaki13]

I Think sauber needs to score one or two Points.

I agree Mia, otherwise they could be gone come the end of the season.

16 cars for 2015 is a horrible thought. 3 car teams are also a bad idea IMO, but I would rather 24 cars than 16.

[Doc Austin]

I Think sauber needs to score one or two Points.

Looks like they have four less cars to beat, and the teams they need to outscore won't be there.

Bernie said something interesting. He asked if it was better to have Caterham and Marussia, or to have an extra Red Bull, Ferrari, Williams and Mercedes on the grid. I'm thinking more competitive cars would be better than wondering each week if Marussia and Caterham are going to show up.