Tony Fernandes, the owner of the Caterham Formula One team, has quashed rumors regarding his team being put up for sale.

With the team seeking fresh funding after its collaboration with Renault was annulled and delays in implementing a new aero concept package, rumors of Caterham being put in the market for $589 million are rife.

But Malaysian owner Tony Fernandes has come out and flat out denied it all. “Caterham Group is not for sale.  We love what we build and we are always looking for further investment. This is no different to how we started AirAsia.  Yes, we are constantly challenging ourselves and making decisions on everything from the structure to projects within the Group.  That is normal business. That does not mean we are selling,” said Fernandes.

Formula 1 is quite the challenge for all the teams but Caterham has had it particularly bad for the last 2 seasons. The team hasn't fared any better so far in 2014 as they're still without points after 5 races completed.