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Caterham officially sold

Wednesday 02-July-2014 15:42

Caterham's Formula One future has been secured after the team were sold to a Swiss and Middle Eastern consortium.

There were doubts over whether or not the Leafield squad would remain on the grid after owner Tony Fernandes admitted last week that "F1 hasn't really worked out".

Caterham have struggled since their debut back in 2010, however, the team will continue to compete after it was sold to the consortium, advised by ex-HRT team principal Colin Kolles.

The day-to-day running of squad will now be run by former F1 driver Christijan Albers, who replaces Cyril Abiteboul.

"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," Albers said.

"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."

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