Channel NewsAsia

Motor Racing: Caterham F1 team reportedly up for sale

Flamboyant Malaysian millionaire Tony Fernandes has put his Caterham Formula One team up for sale, seeking about £350 million ($589 million) for all assets of the Britain-based parent company, a report said.

KUALA LUMPUR: Flamboyant Malaysian millionaire Tony Fernandes has put his Caterham Formula One team up for sale, seeking about £350 million ($589 million) for all assets of the Britain-based parent company, a report said.

Fernandes, who also owns budget airline AirAsia and the English football club Queens Park Rangers, had warned in January that he would stop funding the F1 team unless its performance improved.

Citing an unnamed source, Malaysia's Edge financial daily on Sunday said Fernandes planned to offload the group's assets, adding that an information memorandum for the sale was being circulated in the Middle East.

Fernandes, ranked the 28th richest person in Malaysia by Forbes magazine, did not respond to AFP's requests for comment.

Fernandes entered the sport with Caterham in 2010, but the racing team failed to win a single point in the 2012 and 2013 seasons.

Tweet Photos, Videos and Update on this Story to  #cna