The Caterham Group has sold its Formula One team to a consortium of investors from the Middle East and Switzerland.
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According to the company, the other components of the Caterham Group — namely Caterham Cars, Caterham Bikes, the composites division, the Technology and Innnovation consulting and contracting arm, and the GP2 and Moto2 racing teams — will remain under the control of current owners Tony Fernandes and Datuk Kamarudin Maranun.

Caterham said the sale of the unsuccessful Formula One team will allow the remaining parts of the company to focus on "core activities and continue to see them develop and flourish". This includes the development of a flagship two-seat sports car, currently codenamed C120.

Caterham F1 car at Circuit Gilles Villeneuve, Montreal

In May the company issued a denial that its key backers were looking for buyers, especially from the Middle East. Caterham did concede, though, that it was always on the lookout for "further investment".

Since the inception of the Caterham Formula One team back in 2010, the racing outfit has struggled and to-date has yet to register a single championship point.

The team will continue racing under the Caterham banner and will remain at the team's current Leafield, UK, for the "foreseeable future".

No clarification has yet been given as to the identities of the Swiss and Middle Eastern investors. The group is being advised by Colin Kolles, who was once the team principal at the HRT and Jordan/Midland/Spyker/Force India teams. Day-to-day management of the team will now undertaken by former Formula One driver Christijan Albers.