Date: 3rd July 2014 at 10:01am
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As expected Tony Fernandes has sold Caterham F1.

The Malaysian airline entrepreneur founded the team in 2009 but has been publicly frustrated with how his team has failed to become competitive.

The takeover is with immediate affect following the purchase by a consortium of Swiss and Middle Eastern investors.

Caterham team principal Cyril Abiteboul has left the team and has been appointed as Managing Director of Renault Sport F1. A newly created position which reports to Renault’s Chief Performance Officer and Sales & Marketing Director Jerome Stoll.

At Caterham Abiteboul is replaced by former Formula One driver Christijan Albers, whilst former HRT team principal Colin Kolles will take an advisory role.

‘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,? said Albers to

?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.?

As it stands the team will continue under the name Caterham and will ?for the foreseeable future? at least remain at Leafield.