Date: 30th October 2014 at 8:24am
Written by:

Tony Fernandes the director of AirAsia, the chairman of Queens Park Rangers FC and founder of Caterham has defended his decision to quit the sport.

Ever since Tony Fernandes sold the Formula One team to the Swiss-Middle Eastern consortium ‘Engavest SA’ in July rumours of financial problems have struck the team.

The team is now in administration with 200 jobs affected and up to £20million owed to external suppliers.

Fernandes believes that the gap between the teams is far too wide to breach and without the hope of competition, why should you invest such large quantities of money with no reward?

?People can blame whoever, but the big teams are as much at fault as anyone. The gap has become way too big and it?s money. And so I thought, ?Well, I can?t compete’. But I can compete at QPR; I can compete at Air Asia,? he told Sky Sports.

?Rather than continue something where I thought, one, I wasn?t able to give it as much time as possible, two, I thought we were on a beating to none anyway, you?ve got to be brave and say ?Look, we screwed up. You can?t compete; you thought you could and [it’s] time to leave?