Caterham F1 sold to Colin Kolles for undisclosed sum

PETALING JAYA: Caterham F1 has been sold to Colin Kolles for an undisclosed sum, according to a source, bringing to end months of speculation on its eminent sale.
It is understood that the deal was sealed a couple of weeks ago and the move will see the departure of some 10-odd Malaysians currently working on the team.
Part owner Tan Sri Tony Fernandes had publicly stated that his venture has not worked for him, admitting his frustration at not having been able to garner any points after five years in the sport.
Top ten finishes in each Grand Prix score points towards the drivers and constructors' world championships.
Autosport.Com reported that Caterham's current 11th position in the constructors' championship means it is at risk of losing valuable commercial rights income at the end of the year unless it can overhaul Sauber and Marussia.
The Caterham F1 team reportedly made a pre-tax profit of £4.8 million in 2012 on revenue of £46.7 million, on the back of a sponsorship deal from General Electric International Inc worth £9 million a year.
Caterham F1's current management includes co-chairman Fernandes, co-chairman Datuk Kamarudin Meranun, shareholder SM Nasaruddin, team principal Cyril Abiteboul, CEO Graham McDonald, team manager Graham Watson and general manager CEO's office Mia Sharizman.
Fernandes, who is in Japan to announce his new budget carrier venture there under the Tune Group, did not respond to an SMS requesting confirmation of the sale.
News reports state that Kolles's last involvement as an F1 team principal was at the end of 2011, running the Hispania outfit for its first two years in grand prix racing. Recently, however, Kolles has reportedly been involved in plans for a new Romanian team called Forza Rossa, which is hoping to get on the grid next year.