3 Jul 2014

Fernandes sells Caterham team

11:39 am on 3 July 2014

The Malaysian aviation entrepreneur Tony Fernandes has ended an unhappy Formula One adventure by selling his struggling Caterham team to a group of Swiss and Middle Eastern investors with former driver Christijan Albers at the helm.

Fernandes, the owner of the budget airline AirAsia and London football club Queens Park Rangers, who return next season to the English Premier League, said he wasn't looking to sell Caterham but was keen to attract additional investment.

Fernandes has been noticeable by his absence from racetracks this year and he heralded the end of his involvement when he closed down his Twitter account last week with the words "F1 hasn't worked".