End of the line as Caterham plans assets auction

Feb.5 (GMM) Caterham is finally reaching the end of the line, as administrators decide to auction the backmarker's assets.

Just as hope rises for F1's other ailing team, Manor, it emerged on Thursday that auctioneers have been appointed to begin selling Caterham's assets next month, including the crucial 2014 cars and race-day equipment.

Acting team boss Finbarr O'Connell suggested two weeks ago that once an auction is arranged, it means Caterham's hopes of surviving the winter are over.

"As long as there are people (out) there who have got a real possibility of doing something, I'm not going to close it (the team) down," he had told Reuters.

"Because if I do, then I will just be organising an auction as regards the assets -- which I can do at any stage anyway."

That auction is now set to take place, with a UK-based auctioneer announcing that it has been appointed to "realise the assets of the Caterham F1 race team".

Auctioneer Wyles Hardy and Co said auctions will begin on March 11, which is the week of the season-opening Australian grand prix.

Up for grabs will be pitlane, factory and office equipment, with other assets including trucks, the driver simulator and super computer to be sold by negotiation.