136 replies to this topic

[goingthedistance]

thejudge13 @thejudge13  

Breaking news re #F1 Caterham coming in now.... It looks very bad

 

thejudge13 @thejudge13 

Bailiffs and police are on site in Leafield  #F1 #TJ13

 

thejudge13 @thejudge13 

It's unclear whether Caterham #F1 will now race this weekend #TJ13

Edited by goingthedistance, 01 October 2014 - 15:33.

[Petroltorque]

Ah thejudge13, not one for sensationalist reportage!

[goingthedistance]

Ah thejudge13, not one for sensationalist reportage!

 

Indeed. 

 

There's more:

 

thejudge13 @thejudge13

Staff have been asked to turn off servers and leave the premises in Leafield #F1 #TJ13

 

thejudge13 @thejudge13

Bailiffs have been in every day this week. Arrangements being made for removal of large items, such as the autoclave #F1 #TJ13

[Petroltorque]

The thing I don't understand is that Caterham are owed $35 millions from FOM. Okay it's paid by installments but they will have access to these funds so the presence of the bailiffs would mean their creditors want their accounts settled. There's no point putting a team into liquidation as you cannot guarantee your account will ever be paid.

[Anders Torp]

... Caterham are owed $35 millions from FOM.

Do you have a source for that?

[Petroltorque]

GP+. It's copyrighted so I won't posting it here.

[Anders Torp]

GP+. It's copyrighted so I won't posting it here.

OK, thanks. I suppose they must finish the season to get at least some of that money and that the creditors know this.

[JHSingo]

If true, I feel for those who will no doubt be out of work.

 

People will perhaps say that a team going bust is nothing new - true. But why should it happen in this day and age? What other major sporting league faces the risk of several teams going bankrupt? I can't think of any.

 

F1 is run in a totally idiotic way. I suppose Bernie is pleased he's got what he wanted.

[goingthedistance]

I'm sure we'll hear more on the issue from the mainstream press once we hit the race weekend proper. Hopefully Caterham are able to complete this weekend's race at least. 

 

I recall Bernie providing prize money advances to Lotus in previous years, surprised that isn't happening here, but there is apparently some weird things going on ownership wise: 

 

thejudge13 @thejudge13  ·  47m

One #F1 Caterham staff member tells #TJ13 management are saying all will be resolved in the morning and to return to work

 

thejudge13 @thejudge13  ·  44m

Apparently #F1 Caterham share transfer never took place from Fernandes to 'Swiss based Arab investors' #TJ13

 

thejudge13 @thejudge13  ·  39m

There was apparently a disagreement over who would deal with the debt. Fernandes or the 'new investors' #F1 Caterham #TJ13

[FullThrottleF1]

Mr Judge's Twitter page say's he has 30 years F1 experience. I guess he must've sneezed and accidently added an extra zero on the end.

[D.M.N.]

 https://twitter.com/...360668874665984

 

Emma Buxton ‏@EmBuxton 

So sad. I’m down the road, friends in disbelief that this can happen, again. @CaterhamF1 @CaterhamGP2 #Leafield site seized by bailiffs. #F1

6:09 PM - 1 Oct 2014 ·

 

Looks like the end of the road may be near...

[Victor_RO]

Sounds an awful lot like the mess at Le Mans last year with the Kodewa Lotus T128s impounded during race week and then released just in time for practice. And that was also a team managed by Kolles.

[LORDBYRON]

http://www.telegraph...teams-bite.html

[Ross Stonefeld]

I thought the GP2 team was still Fernandes? Though if you're sharing buildings/resources that opens you up to interruptions...

[FullThrottleF1]

That's the end then

 

 

Caterham pulls out, Marussia pulls out, next goes Sauber and Force India then bye bye F1.

[JHSingo]

Sounds an awful lot like the mess at Le Mans last year with the Kodewa Lotus T128s impounded during race week and then released just in time for practice. And that was also a team managed by Kolles.

 

Yep, that was exactly my thoughts as well. I don't know how this guy keeps ending up in motorsport - his past record is littered with far too many of these things for it to be coincidental.

[LORDBYRON]

I thought the GP2 team was still Fernandes? Though if you're sharing buildings/resources that opens you up to interruptions...

yes they only bought the f1  gp2 and the cars are still tonys

[LORDBYRON]

    http://blackflag.jal...dium=socialflow

 

Caterham F1 Team Reportedly Raided By Police

Edited by iii, 01 October 2014 - 17:34.

[JHSingo]

That's the end then

 

 

Caterham pulls out, Marussia pulls out, next goes Sauber and Force India then bye bye F1.

 

I'd say Force India is probably one of the stronger ones. Lotus is more likely to go under than them.

[Viryfan]

I'd say Force India is probably one of the stronger ones. Lotus is more likely to go under than them.

 

According to Lopez in latest Auto Hebdo, the budget for 2015 is done.

 

135 million euros.

 

And the debts have been covered by Shareholders (Lopez and Ruhan).

[RedBaron]

Their website is still online and it looks to be hosted on their own servers at Leafield so has this ended in team shut down or are they still alive?
 

 

Tom Wilkinson @TomWilkinsonF1Follow

#F1 Breaking, workers at Caterham Leafield have been asked to shut down servers & systems. It is believed police & bailiffs are on site.

[LORDBYRON]

There was apparently a disagreement over who would deal with the debt. Fernandes or the 'new investors' #F1 Caterham #TJ13

 

and Apparently #F1 Caterham share transfer never took place from Fernandes to 'Swiss based Arab investors' #TJ13

 

Could be Tony pulled the plug ?

Edited by iii, 01 October 2014 - 17:40.

[BiH]

Not good. 

 

Catheram is probably done now.

 

Marussia to follow.

 

Sauber is barely hanging on.

 

 

This all seems to be pointing to 3 car teams next year. Yikes.

[FullThrottleF1]

too late for 3 cars teams. I would rather F1 end than to worry every day about its survival.

[JHSingo]

According to Lopez in latest Auto Hebdo, the budget for 2015 is done.

 

135 million euros.

 

And the debts have been covered by Shareholders (Lopez and Ruhan).

 

Well, that's good news at least, but Lotus isn't referred to as Lots Of Trouble Usually Serious for nothing.

 

On a more serious note, as I wrote in the Caterham thread, I find it ridiculous F1 is in a situation where there's the risk that several teams that could go bust. No other sport league in the world is run in a similar way to F1, and guess what? None of them have this problem. Okay, lots may be in debt - but there isn't the risk in the EPL, NFL, NBA, NHL etc that several teams won't exist next year.

 

But in F1 we've got a ridiculous situation where CVC takes so much money out of the sport, and doesn't reinvest any for the greater good of the sport. We've got a situation where some teams are paid millions more than others, just for being in the sport longer. We have drivers getting into the sport through money, rather than talent. It's remarkable that teams can't work together for the future of F1, and ultimately the egomaniacs will be the death of it.

Edited by JHSingo, 01 October 2014 - 17:48.

[TomNokoe]

Very sad. When was the last time F1 actually lost a team, Super Aguri?

[Laura23]

Mr Judge's Twitter page say's he has 30 years F1 experience. I guess he must've sneezed and accidently added an extra zero on the end.

He's a blogger, not a journalist. One gets the impression his only real experience with F1 is that he perhaps went to a couple of races twenty years ago and he's followed by a couple of teams on twitter.

[Goron3]

Very sad. When was the last time F1 actually lost a team, Super Aguri?

HRT?

 

(although I can barely remember a single thing about HRT so maybe I'm mistaken).

[FullThrottleF1]

HRT.

[D.M.N.]

Super Aguri was the last time we lost an F1 team during a season - that was 2008. Before then, you'd have to go back to Arrows in 2002.

 

Want to know what all three have in common? All three were based at Leafield.

[charly0418]

How do we know Marussia might be done? Haven't read anything bad in a while, plus they're getting more money from the points they scored

[FullThrottleF1]

You know what else is weird, they all pulled out six years after the last one 2002-2008, 2008-2014.

[TomNokoe]

Wow... Fact of the day right there. Hopefully Kamui gets a swansong this weekend, but can they run the cars without communication to the factory??

[goingthedistance]

He's a blogger, not a journalist. One gets the impression his only real experience with F1 is that he perhaps went to a couple of races twenty years ago and he's followed by a couple of teams on twitter.

And yet he was first to break this story, now independently confirmed by several "real" journalists and local TV news. I'm not a fan of TJ13 (his Mercedes conspiracy theory rants are loopy) but he does seem to have some legit sources these days.

[Petroltorque]

You know now that if a team is facing dissolution it just as well might refer Ecclestone FOM to the European commission. They have got enough clout not to be worried about Ecclestone's threats.

[DinocoBlue]

Sad news, especially for all the workers.

 

Wouldn't the race team be out in Japan by now?

[LORDBYRON]

likely Bernie will push through there prize money from last season to get them to the last race and final one for them   

[LORDBYRON]

Wow... Fact of the day right there. Hopefully Kamui gets a swansong this weekend, but can they run the cars without communication to the factory??

I read somewhere that he found out he was in the seat this race by media,knda all fits lol

Edited by iii, 01 October 2014 - 18:28.

[sabjit]

 Marussia pulls out

 

 

Marussia to follow.

 

Very poor posts, complete jumps to conclusions.

Marussia could finish 9th this year and that would be a big boost to them.

[Tapz63]

This doesn't sound too good. But they were only gonna last so long judging by their performance over the years.

[Richard T]

Very sad if true... So much talent behind the scenes there trying get their break in F1 

[Afterburner]

https://twitter.com/...360668874665984
 
Emma Buxton ‏@EmBuxton 
So sad. I’m down the road, friends in disbelief that this can happen, again. @CaterhamF1 @CaterhamGP2 #Leafield site seized by bailiffs. #F1
6:09 PM - 1 Oct 2014 ·
 
Looks like the end of the road may be near...

What's more surprising to me is that Will Buxton evidently has a sister/spouse/mother/daughter who's also in journalism/PR.

[Gilles4Ever]

 

  Caterham F1 Team statement
 
2 October 2014
 
There have been unfounded and unsubstantiated rumours concerning actions against 1MRT, the entrant and owner of CaterhamF1.
 
An action was threatened yesterday against a supplier company to 1MRT. This company is not owned by 1MRT and it has no influence over the entry of CaterhamF1 or the entrant.
 
Also contrary to uncontrolled rumours, all operations are currently in place at Leafield and the race team is doing its preparation in Japan.

Ends

 

http://hosted-p0.vre...9077329/ARCHIVE

[LeMans86]

Caterham F1 Team statement
 
2 October 2014
 
There have been unfounded and unsubstantiated rumours concerning actions against 1MRT, the entrant and owner of CaterhamF1.
 
An action was threatened yesterday against a supplier company to 1MRT. This company is not owned by 1MRT and it has no influence over the entry of CaterhamF1 or the entrant.
 
Also contrary to uncontrolled rumours, all operations are currently in place at Leafield and the race team is doing its preparation in Japan.

Ends
 
http://hosted-p0.vre...9077329/ARCHIVE

Yay! The news of tomorrow, brought today

[FredrikB]

Yay! The news of tomorrow, brought today

I guess they are in Japan, where the date is 2 october 

[pacificquay]

It is the 2nd in Japan

[LeMans86]

I guess they are in Japan, where the date is 2 october

You don't say ;)

[Risil]

There have been unfounded and unsubstantiated rumours concerning actions against 1MRT, the entrant and owner of CaterhamF1.

 
An action was threatened yesterday against a supplier company to 1MRT. This company is not owned by 1MRT and it has no influence over the entry of CaterhamF1 or the entrant.

 

Is that the same supplier company that just laid off 40 Caterham staff who nonetheless had nothing to do with the Caterham F1 team?

[LORDBYRON]

Looks like another debt avoidancece scheme then

[loki]

Super Aguri was the last time we lost an F1 team during a season - that was 2008. Before then, you'd have to go back to Arrows in 2002.

 

Want to know what all three have in common? All three were based at Leafield.

 

This might be a good place to start a team...