Formula One: Caterham F1 team sold to Swiss and Middle Eastern consortium
July 2, 2014 -- Updated 1608 GMT (0008 HKT)
Tony Fernandes' four-year stint in Formula One is over after he sold Caterham F1.
- Caterham Formula One team sold to Swiss and Middle Eastern consortium
- Owner Tony Fernandes and partners relinquish control with immediate effect
- New consortium will be advised by former F1 Team Principal Colin Kolles
Follow us at @WorldSportCNN and like us on Facebook
(CNN) -- The Formula One team never to have won a point has new owners.
Caterham F1 has been sold by Tony Fernandes and his partners to a consortium of Swiss and Middle Eastern owners, who are led by former Midland and HRT F1 principal Colin Kolles.
Under the terms of the deal, the team will continue to race as Caterham F1 and will retain their base at Leafield, 75 miles north west of London.
It will be run by former Dutch F1 driver Christijan Albers, who will be assisted by Manfredi Ravetto, replacing current team principal Cyril Abiteboul.
Taking a spin around the Red Bull Ring
Red Bull Ring's major transformation
Read: Schumacher's medical files for sale
"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 tenth place in the 2014 Championship," said Albers in an official statement.
"We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of."
It ends a four-year stint in the sport for Fernandes, who combined his role at Caterham with being chairman at football club Queens Park Rangers, who recently were promoted to the English Premier League.
In closing his Twitter account, Fernades, who is the founder and chief executive officer of Asia's first low-budget carrier Air Asia said: "F1 hasn't worked, but love Caterham Cars."
Caterham, who are sponsored by CNN, finished bottom of the constructors' championship in 2013 and are struggling again this season.
Their drivers -- Japan's Kamui Kobayashi and Marcus Ericsson, of Sweden -- are yet to register a point after eight races.
Caterham joined F1 in 2010.
Today's five most popular stories
Part of complete coverage on
Track the buzz of the 2014 Formula One season, race by race, with all the latest social reaction from motorsport experts.
October 16, 2014 -- Updated 1210 GMT (2010 HKT)
He's paid millions to drive one of the world's fastest cars, and he's one of F1's most colorful characters, but Kimi Raikkonen loves normality.
October 12, 2014 -- Updated 1745 GMT (0145 HKT)
It took a little longer than expected but MotoGP's young star Marc Marquez wraps up his second world title in Japan.
October 9, 2014 -- Updated 1039 GMT (1839 HKT)
Rising star Daniil Kvyat made history as the home hero at F1's first Russian Grand Prix, ahead of next season's move to Red Bull.
September 19, 2014 -- Updated 1358 GMT (2158 HKT)
Take the fittest driver in Formula One and test him against two of the world's leading triathletes in a high-performance laboratory.
September 5, 2014 -- Updated 1604 GMT (0004 HKT)
Mercedes has the fastest two cars in Formula One this season but there is just one problem -- there can only be one world champion.
He's the best of the rest -- Daniel Ricciardo has been Formula One's surprise package in the first half of the 2014 season.
July 24, 2014 -- Updated 1135 GMT (1935 HKT)
Formula One is not likely to go hungry in Hungary as master chefs cater in volume for drivers, teams and VIP guests.
July 3, 2014 -- Updated 1443 GMT (2243 HKT)
It's the elephant in the room of Formula One. What's the prognosis legendary driver Michael Schumacher?
May 23, 2014 -- Updated 2310 GMT (0710 HKT)
It stimulates all five senses, creating an unparalleled experience for drivers and fans alike. Take a tour of Monaco with Mark Webber.