Tony Fernandes to step down from F1 team

Tony Fernandes

Autosport reports that Tony Fernandes is to step down as team principal of Caterham before the end of the season so he can focus more on developing his road car business.

"On the racing side we have come to the conclusion that it is better if someone else takes over the team principal role to move forward," he said in a joint interview with AUTOSPORT's sister publication Autocar.

"We are definitely better at business than finding tenths of seconds around a lap.

"It was right for us to lead the team initially and set a template of how it should be. That vision is now set and the team is ready to move forward to the midfield."