Caterham in talks with potential buyer who can put them back in business within weeks

Formula One team Caterham's administrator has revealed that they are in talks with a potential buyer who could put them back in business within weeks, after the team entered administration last month with 230 staff later made redundant.

Administrator Finbarr O'Connell said that he is honestly talking to somebody who would like to take this over within the next month. Caterham competed in last weekend's Abu Dhabi Grand Prix having missed the previous two in the USA and Brazil.

O'Connell revealed that the potential buyer would like to take it over with the same people, as the same team with the same infrastructure, and that would be the dream result for him, The BBC reported.

He claimed that it would be absolutely fantastic."

A crowd-funding exercise helped put Caterham back on the grid for the Abu Dhabi race and has now exceeded its original target of 2.35 million pounds having been initially revised to 1.8 million pounds by administrator Smith and Williamson.

O'Connell would not name the interested party but said that it was someone who is linked in to Formula One. He said that this is somebody who feels the same as him that if they don't do something quickly then the team would drift away.

The administrator said that if that works, and this is a credible person with credible backers, that would be the best solution.

O'Connell said that talking to people with no Formula One involvement at all, who don't know what this is really about, adds that huge risk factor, but claims that this is somebody who actually knows it, and who wants to do it.