London Malaysian Tony Fernandes has sold struggling Caterham Formula One team to a consortium of Swiss and Middle Eastern investors, the team announced on Wednesday.
The team will continue to race as the Caterham F1 Team and will remain based at Leafield, in the English county of Oxfordshire, for the immediate future.
Former Dutch Formula One driver Christijan Albers, assisted by Manfredi Ravetto, will take over the day-to-day running of the team.
Fernandes triggered speculation about the future of the team on Friday after declaring "F1 hasn't worked" on Twitter before closing his account.
(Reporting by Josh Reich; Editing by David Goodman)