Has Fernandes put Caterham up for sale?

Tony Fernandes

Tony Fernandes

AirAsia chief executive Tony Fernandes is trying to sell his Caterham Formula 1  team and sportscar company, a Malaysian newspaper reported this weekend.

A team spokesman had no comment at the Monaco Grand Prix while Fernandes – who was in London celebrating the promotion of his English soccer club Queens Park Rangers back to the Premier League – was not immediately available.

The Edge Malaysia, citing an unidentified source, reported on its front page that Fernandes was looking for about $590 million for his Caterham Group of companies. It said an information memorandum was being circulated in the Middle East.

Fernandes, who said on Twitter on Sunday that he hoped Caterham could pull off a surprise in Monaco, warned in January that he could walk away from Formula One if the team’s performance on the track did not improve.

Caterham have not scored a point since entering the sport as Lotus Racing in 2010 and are currently last in the championship with Japan’s Kamui Kobayashi and Sweden’s Marcus Ericsson as their driver line-up.

Ericsson caused a collision in qualifying on Saturday and was ordered to start Sunday’s race from the pit lane. Kobayashi will be the last man on the grid in 21st place.

“If we are at the back, I don’t think we are going to carry on,” Fernandes had said in January. “After five years and to get no points, there’s a limit to everyone’s patience.” (Reuters)