May 31, 2014, 7:30 AM EDT
Caterham F1 Team owner Tony Fernandes has moved to end rumors in the Malaysian media that suggested he might be set to sell the team and its sportscar division.
According to a story on The Edge Malaysia, Fernandes was set to put the entire Caterham brand up for sale for almost $600m after failing to move from the back of the grid in five years, despite other commendable achievements.
However, Fernandes – who also owns English soccer club Queens Park Rangers – put an end to these rumors in a statement released earlier this week.
“Caterham Group is not for sale. We love what we build and we are always looking for further investment. This is no different to how we started AirAsia,” he explained, with reference to his other business venture.
“Yes, we are constantly challenging ourselves and making decisions on everything from the structure to projects within the Group. That is normal business. That does not mean we are selling.”
Caterham matched its best ever result at last weekend’s Monaco Grand Prix, with Marcus Ericsson coming home in 11th place. However, this was overshadowed by Marussia’s first ever points in Formula 1, by virtue of Jules Bianchi’s ninth place finish.
Although the team may not have excelled and lived up to Fernandes’ initial expectations, Caterham has certainly been a welcome addition to the Formula 1 paddock since making its debut in 2010. Should there be another race like Monaco at some point this season, Caterham could follow in Marussia’s footsteps and pick up its first ever points.