Following threats of handing over management back to Tony Fernandes earlier this week, Caterham's current management team has now confirmed that it will indeed stop managing the team.
Team team released a statement, saying that from now on, the company's administrators will be in charge of the team in an attempt to ensure its preparations for the upcoming Grand Prix at Austin, Texas, USA.
"Following a request of yesterday evening at 21.55hrs CET from Caterham Sports Limited's administrators and the legal advisors of Mr Tony Fernandes' related EXIM Bank, representatives of 1MRT/Caterham F1 Team have agreed, with all rights reserved, to hand-over management of the Caterham F1 Team to the adminatrator Mr Finbarr O'Connell in the higher interest of allowing the team to continue operating and preparing for the next events."
The news follows public bickering about the ownership of the team after it was announced that Caterham Sports Ltd was to go into administration. The current management team, including team principal Manfredi Ravetto, then started to evaluate its departure until today's confirmation.