CASH-STRAPPED Formula One team Caterham F1 is heading to the Abu Dhabi Grand Prix next weekend in a bid to woo potential buyers in the region.
The British team’s administrator is in talks with a number of interested parties and will have further meetings with suitors when out in Abu Dhabi for the race. A number of Middle Eastern sovereign wealth funds have been linked with possible bids, City A.M. understands.
Finbarr O’Connell, a partner at administrator Smith & Williamson, told City A.M.: “I’ve got a few very important meetings in Abu Dhabi when I’m out there. And I’m continuing with discussions with other parties as well as this week goes on.”
The beleaguered team last week successfully raised close to £2m in a high-profile crowdfunding project to allow it to race at the Yas Marina circuit. Caterham fell short of its £2.35bn target for last Friday’s deadline but still raised enough to commit to the race, O’Connell confirmed.
O’Connell added that he made 230 Caterham employees redundant this week, at their own request. The team went into administration last month and the staff had not been paid since 30 September. The move is designed to facilitate the employees’ payment applications. Seventeen of the 230 were against the proposal.