Caterham has announced that the Formula 1 team has entered administration.
The news comes after the team's owners threatened legal action against founder and former owner Tony Fernandes, who also owns Premier League club Queens Park Rangers.
Today, a statement was released by the team claiming that a decision to hand over the management of the team to administrator Finbarr O'Connell was made following a request "from Caterham Sports Limited and the legal advisors of Tony Fernandes's 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 administrator Mr Finbarr O'Connell in the higher interest of allowing the team to continue operating and preparing for the next events," said the statement.
The Leafield-based team are yet to score a point this season.
