LONDON (AFP) - Malaysian businessman Tony Fernandes has sold the British-based Caterham Formula One team to a consortium of Swiss and Middle Eastern investors, it was announced on Wednesday.

"Caterham F1 Team is pleased to confirm that Tony Fernandes and his partners have sold the team to a consortium of Swiss and Middle Eastern investors, advised by former F1 Team Principal Colin Kolles," said a team statement.

Fernandes, the owner of budget airline AirAsia and London football club Queens Park Rangers, who next season will be back in the lucrative English Premier League, said in May he was not looking to sell Caterham but was keen to attract additional investment.