F1 Team Caterham Sold to Kolles-Led Group

Formula One team Caterham has been sold to a group of Swiss and Middle Eastern investors led by former HRT team boss Colin Kolles.

The team announced the sale on Wednesday with immediate effect, meaning Caterham will be under new ownership and management for this weekend's British Grand Prix.

Former F1 driver Christijan Albers takes over as team principal, assisted by Manfredi Ravetto, replacing Cyril Abiteboul.

Air Asia boss Tony Fernandes founded the team which entered F1 in 2010 under the Lotus name but had warned at the start of this season that he would look to sell if there was no upturn in performance. The team is last in the current standings and has not scored a championship point in five years of racing.

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