Under the terms of the sale, the team will retain their name and will remain based at their current Leafield location ‘for the foreseeable future’.
Former F1 driver Christijan Albers, who made 46 Grand Prix starts between 2005 and 2007 and drove under Kolles at Midland in 2006, will take over the day-to-day running of the squad with immediate effect, replacing Cyril Abiteboul, who will leave the team ‘to pursue new challenges’.
"We are aware of the huge challenge ahead of us given the fight at the bottom end of the championship and our target now is to aim for tenth place in the 2014 championship,” said Albers, who will report directly to the board and will be assisted by Manfredi Ravetto.
“We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of.”
Abiteboul moves on after 18 months at the helm of Caterham, having taken over from Tony Fernandes as team principal at the end of 2012. The Renault-powered team currently lie 11th in the constructors’ standings without a point.