Fernandes still owns Caterham F1, says buyer

The Swiss-based organisation that purchased Caterham F1 in June insisted today that the shares had not been transferred by the previous owners, and that Tony Fernandes thus remains “responsible” for the team.

As the battle of words continues Fernandes said yesterday on Twitter “If you buy something, you should pay for it.”

A statement from the buyer said: “On 29 June 2014 Engavest SA signed a Sale and Purchase Agreement with Tony Fernandes and the Caterham Group to acquire the shares of 1Malaysia Racing Team/Caterham F1.

“Engavest SA has fulfilled all the conditions precedent, including paying the purchase price for the shares.

“The shares have not been transferred and therefore Mr Fernandes remains the owner of Caterham F1 and is fully responsible for all its activities.”

3 Comments

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3 responses to “Fernandes still owns Caterham F1, says buyer

  1. Tom

    Surely if Tony Fernandes own all of the shares, that does means that he own the team. So there for the team is still his responsibly if he own most of the shares. So the Debts will be his

  2. I luv chicken

    Can the shares even be transferred, or are they held by the bank as collateral on a loan?

  3. There is a concept of “Beneficial Owner” (see http://en.wikipedia.org/wiki/Beneficial_owner) where you have possession but not “title” to the property.

    An example would be if someone agrees to sell a car, takes the money, hands over the key and promises to send on the car’s documents (e.g. the Log Book in UK or Pink Slip in the US) and the new “owner” drives away. If the seller fails to send on the documents who “owns” the car?

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