ALL 230 staff of the West Oxfordshire-based Caterham Formula 1 team have been made redundant, despite administrators securing cash to race in the Abu Dhabi Grand Prix.

It is understood the backroom staff at their Leafield base have been made redundant this weekend. 

The news comes after London-based administration firm Smith & Williamson confirmed on Friday its crowdfunding appeal which would allow the team to race in the Abu Dhabi Grand Prix was successful.

The team will race at the season’s final Formula 1 Grand Prix in Abu Dhabi on Sunday, November 23 after raising £1,921,153 of their £2,350,000 target in a crowd funding project. 

Caterham Formula 1 team went into administration last month with Finbarr O’Connell and Henry Shinners appointed as administrators.

A statement from the administrators said: “It should be stressed that this is a necessary step in the overall restructuring process which has the ultimate aim of getting a new sound financial owner to take over the CaterhamF1 Racing Team. “

Discussions were held with staff representatives at Malaysian company 1Malaysia Racing Team (1MRT), which owns Caterham Formula 1 Team, where it was found employees preferred to be made redundant “as this would enable claim forms to be processed”.

The statement added: “For the past few weeks 1MRT has had insufficient funds to pay staff salaries.

“However, now that the administration process for 1MRT has started, and the staff are formally made redundant, employees are now able to make their claims to the Redundancy Payments Office.

“This in no way affects the Caterham F1 Team showcasing itself at Abu Dhabi which is being done in order to maximise chances of getting a purchaser to complete a deal and so enhance potential for a long-term solution and re-employment.”

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