Formula 1 team Caterham sold

Malaysian entrepreneur Tony Fernandes Wednesday sold his Formula 1 team Caterham to a consortium of Swiss and middle-eastern investors advised by former Force India and HRT boss Colin Kolles.

"Under the terms of the sale, the team will continue to race as Caterham F1 Team and will remain based at Leafield for the foreseeable future," said a Caterham statement.

The new owners takes charge with immediate effect.

Former Dutch F1 driver Christijan Albers, assisted by Manfredi Ravetto, will take over the day-to-day running of the team, reporting directly to the board and replacing Cyril Abiteboul, who will leave the team.

"We are aware of the huge challenge ahead of us given the fight at the bottom end of the championship and our target now is to aim for 10th place in the 2014 championship. We are very committed to the future of the team and will ensure that the team has the necessary resources to develop, grow and achieve everything it is capable of," Albers said.