Report: Caterham Owner Ready to Sell

British carmaker Caterham Cars Ltd. and the Caterham Formula One racing team are up for sale, according to Edge Malaysia, which cites an unnamed source.

The newspaper says Caterham's owner, Malaysian business tycoon and AirAsia owner Tony Fernandes, hopes to sell both operations for a combined 350 million ($590 million). The report claims a data sheet about a possible sale is circulating in the Middle East.

Fernandes has not commented. But he warned in January that he could cut off funding for the Caterham F1 team if failed to improve. The team hasn't won a single point since 2012.

Media reports in March said Caterham and Renault SA were ending a partnership to develop and produce lightweight sports cars. Those reports said each company plans to debut its own version of the car in 2016. Renault will use its iteration to relaunch its 40-year-old Alpine performance brand.