Ecclestone Backs Sale, Return of Caterham F1 Team

Formula One czar Bernie Ecclestone favors the sale of bankrupt Caterham Sport Ltd. and is willing to let the team miss the next two races while a new owner is found, The Financial Times reports.

Caterham Sports went into receivership last week under the administration of Smith & Williamson. The firm tells FT it has been contacted by several potential buyers, including an "extremely wealthy" American.

The Caterham team hasn't won a single point in five years of F1 competition. Previous owner Tony Fernandes bought the former Lotus Racing team in 2010 but sold it to a consortium of investors a week ago. The group has struggled to find financing to pay the team's creditors.