Tony Fernandes regrets buying Formula One team
The Malaysian Insider – Thu, Oct 30, 2014RELATED CONTENT
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Tan Sri Tony Fernandes expressed regret over running a Formula One team, saying it was a big mistake in doing that while at the same time managing Asia’s leading low-cost airline.
The AirAsia chief executive officer was quoted by news agency Bloomberg today as saying: “You have got to know what you are good at and what you are not good at. Racing is over for me.”
Caterham, the struggling England-based racing outfit, filed for protection from creditors after a sale to Swiss company Engavest SA failed to materialise.
Fernandes started managing the team in 2010, but failed to take it to pole position.
He said the financial gap between teams was too big, and that the sport had to examine itself.
Bloomberg reported him telling Sky Sports News he would support efforts to find a new owner.
The news agency reported that the biggest teams typically get about 10 times as much as the smallest, according to Xander Heijnen, a partner at CNC Communications & Network Consulting AG in Munich.
Fernandes told Bloomberg that his move to sell Caterham did not affect his standing with Queens Park Rangers.
He said he will remain as co-owner of the club, which is second-last in the Premier League. – October 20, 2014.
