Caterham owners approve funding for upgrades

Friday 11th July 2014, 18:35 by TF1T Staff 

Caterham F1 Team

Caterham's new owners have approved funding for a new development programme which it hopes will provide a major boost to the team.

The outfit hasn't added any major developments to its CT05 since the Spanish Grand Prix amid a lack of funding, but new owners - a consortium of Swiss and Middle Eastern investors - have approved the required budget to develop the car further.

Speaking to Autosport, newly-appointed team principal Christijan Albers said they are working on the upgrades which are expected to be ready for the Belgian Grand Prix in late-August.

"I want some upgrades, yes, and as soon as possible," said the former driver. "It won't be easy because they always cost a lot of money, but we are working on it now."

The team is hoping to score its first ever points and overtake rival Marussia in the championship to regain at least tenth in the standings otherwise it risks losing out on over £20 million ($34m) in prize money.

LATEST FORMULA 1 NEWS

MERCEDES

Wolff injured in Mercedes team building bike crash

german gp

German GP organiser blames Vettel for poor turnout

mexican gp

Mexico will return in 2015 confirms Ecclestone

MCLAREN

Magnussen '100% blameless' in Massa crash - Boullier

russian gp

Ecclestone has no concerns over Russian GP

MERCEDES

Mercedes negotiating new contract with Hamilton