The Caterham F1 Team’s new Swiss-Middle Eastern owners have let go more than 40 staff in an effort to cut costs.
BBC F1 reports that more than 40 staff at the Leafiled-based outfit have been laid off, including the team’s technical director Jody Eggington and head of track operations Gerry Hughes.
While Caterham has refused to comment, the cuts are believed to be the first in a series of restructuring efforts by the team’s new Swiss and Middle Eastern owners, who bought the team from Tony Fernandes earlier this month.
According to the BBC the main staff axed are those on largest salaries, such as senior staff and heads of department.
The cuts come on the back of a statement from new team principal Christijan Albers earlier this week that signalled the new owners intent to start a major development push – which is expected to bear fruit in time for the Belgian Grand Prix – in an effort to claim 10th in the constructors championship.
Caterham are currently 11th in the standings with 0 points, and face losing up to £20 million of prize money if they fail to improve on their position before the end of the year.
These cuts cast further doubt offer the long-term future of Caterham’s current race driver Kamui Kobayashi, who unlike his team-mate Marcus Ericsson does not bring a substantial amount of sponsorship to the team, with Red Bull junior racer and current Formula Renault 3.5 championship leader Carlos Sainz Jr. revealing earlier this week that he had held discussions with Caterham over a possible seat for the remainder of 2014.
The team’s reserve driver Alexander Rossi revealed on Wednesday that he had cut all ties with both the Caterham F1 team and the GP2 outfit with immediate effect.
Image courtesy of Octane Photographic