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Caterham F1 Team has been given permission to miss the next two Grands Prix in Austin and Sao Paulo while a buyer is wanted for the financially ill team.
A statement issued on Friday by the administrators has confirmed that Caterham F1 Team will not be in a position to compete in the next two races.
The team hopes that a buyer of "substantial financial means" will be quickly found in order that the team can be back on the grid for the final race of the season in Abu Dhabi.
Ordinarily, any F1 team missing a race would be in breach of their contractual obligation to the sport's commercial rights holder.
However, F1 supremo Bernie Ecclestone explained the circumstances of Caterham's trouble made that impossible and he is supporting the administrators in their efforts to find new finance.
A statement issued on Friday by the administrators has confirmed that Caterham F1 Team will not be in a position to compete in the next two races.
The team hopes that a buyer of "substantial financial means" will be quickly found in order that the team can be back on the grid for the final race of the season in Abu Dhabi.
Ordinarily, any F1 team missing a race would be in breach of their contractual obligation to the sport's commercial rights holder.
However, F1 supremo Bernie Ecclestone explained the circumstances of Caterham's trouble made that impossible and he is supporting the administrators in their efforts to find new finance.