Updated: 05/26/2014 13:14 | By Agence France-Presse

Caterham F1 team up for sale: report

Flamboyant Malaysian millionaire Tony Fernandes has put his Caterham Formula One team up for sale, seeking about £350 million ($589 million) for all assets of the Britain-based parent company, a report said.

Caterham F1 team up for sale: report

Caterham's Swedish driver Marcus drives at the Monaco street circuit during the third practice session of the Monaco Formula One Grand Prix in Monte Carlo on May 24, 2014 - by Alexander Klein

Fernandes, who also owns budget airline AirAsia and the English football club Queens Park Rangers, had warned in January that he would stop funding the F1 team unless its performance improved. 

Citing an unnamed source, Malaysia's Edge financial daily on Sunday said Fernandes planned to offload the group's assets, adding that an information memorandum for the sale was being circulated in the Middle East.

Fernandes, ranked the 28th richest person in Malaysia by Forbes magazine, did not respond to AFP's requests for comment.

Fernandes entered the sport with Caterham in 2010, but the racing team failed to win a single point in the 2012 and 2013 seasons.

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