Tony Fernandes: “If you buy something, you pay for it”

It became apparent on Wednesday that the Leafield based F1 team remains under Fernandes’ ownership despite a statement in June confirming it was sold to a consortium of Middle Eastern and Swiss investors known as Engavest SA.

The statement adds that “the seller (Fernandes) has refused to comply with its legal obligations to transfer their shares to the buyer” therefore leaving the buyer “in the invidious position of funding the team without having legal title to the team it had bought.”

There is clearly more to the story than meets the eye and Fernandes moved to somewhat clear that up, or at least make clear from his side that money is still owed to him from the new investors.

“If you buy something you should pay for it. Quite simple,” he tweeted.

The AirAsia owner is believed to have re-taken control of the team, with team principal Manfredi Ravetto confirming he has been asked to take a back seat until the issue is cleared up.

It isn’t clear whether Caterham will be present at the United States Grand Prix in a couple of weeks – or at any of the remaining races this season. It would require a deal to not only be struck with the administrators dealing with Caterham Sports Limited (CSL), but with Engavest SA too

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2 comentarii

  1. HRT is gone, it seems it’s Caterham’s turn now. I’m looking forward to Marussia’s disappearance. No loss. They did not belong to F1 anyway and they are (were) here just because of the corrupt intervention of Obersturmbahnfuhrer Max Mosley, who opened the door for them on condition they used Cosworth engines at that time. (How much “kick-back do you suppose he got from Cosworth for that?!)

  2. Post By GoldStandard

    Well that’s an interesting theory 🙂
    But taking a different tack……. what is really happening with F1 team buying?
    We are not talking pennies here…….. do you really try to buy an F1 team, if you haven’t got way more money than needed?
    Like……. okay I’ll buy it, but I just need to raise another £million….
    ….. and how are you going to fund running the team?…… er…. I don’t know yet.
    LOL 🙂

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