Caterham F1 Team Enters Administration

Caterham Sports Ltd., whose Formula One team hasn't earned a single point in five years, has been placed under administration in the U.K. after failing to pay its creditors.

Administrator Smith & Williamson says it is looking for a buyer for the team. The group, which has operated from facilities in Oxfordshire, England, is independent of British specialty carmaker Caterham Cars Ltd.

Caterham Sports, formerly Lotus Racing, was acquired in 2010 by tycoon Tony Fernandes. He sold the team in July to a group of investors that competes in F1 under a license held by 1 Malaysia Racing Team.

Caterham Sports owes creditors at least 12 million (€15 million), according to the Financial Times, which cites accounts filed by the team with the U.K.'s Companies House.