The Caterham F1 team has confirmed that Tony Fernandes and his partners have sold the team to a consortium of Swiss and Middle Eastern investors advised by former F1 Team Principal Colin Kolles.
Former Dutch F1 driver, Christijan Albers, will take over the team. Albers will be assisted by Manfredi Ravetto and they will report directly to the board. Kamui Kobayashi and Marcus Ericsson will continue to drive for the team.
"We are aware of the huge challenge ahead of us given the fight at the bottom end of the Championship and our target now is to aim for tenth place in the 2014 Championship. We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of," said Albers.
Meanwhile, Cyril Abiteboul will leave the team to pursue new challenges and rumored to be moving to Renault.
According to the official statement by Caterham, "the team will still race as Caterham F1 team and will remain based at Leafield for the foreseeable future" as agreed upon under the terms of the sale.
Caterham has assured that its vehicle manufacturing operations is not affected by the sale of its racing team.