Caterham F1 team assets to be auctioned off

Hopes of rescuing the failed Caterham Formula One team appear to be over after auctioneers said they would sell off the team assets next month - including the 2014 cars and pitlane equipment.

Auctioneers Wyles Hardy & Co said in a statement that they had been instructed by administrators Smith & Williamson "to realise the assets of the Caterham F1 race team".

They said a series of on-line timed auction sales, starting on March 11 and running through to May 14, will be held to sell off everything from race equipment to memorabilia and office furniture.

The race and hospitality trailers, race simulator, autoclaves and Dell HPC super computer would be offered as negotiated sales separate from the auctions.

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Caterham, who never scored a point, went into administration in October and missed the U.S. and Brazilian Grands Prix before raising money through a crowd-funding initiative to compete at the finale in Abu Dhabi last November.

Charles Pic and his Caterham team (Reuters)

Image credit: Reuters

As late as last month, administrator Finbarr O'Connell had held out hope of finding a buyer although he recognised time was running out with the season starting in Australia on March 15.

The first pre-season test ended on Wednesday without Caterham's involvement.

"As long as there are people (out) there who have got a real possibility of doing something, I'm not going to close it (the team) down," O'Connell told Reuters on January 22.

"Because if I do, then I will just be organising an auction as regards the assets -- which I can do at any stage anyway."

Caterham were foundedin 2010 as Lotus Racing by Malaysian aviation entrepreneur Tony Fernandes, who also runs struggling Queens Park Rangers and retains the Caterham sportscar company.

Fernandes lost interest and exited in July, handing over to a mystery group of Swiss and Middle Eastern investors with Colin Kolles serving as consultant.

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