F1: End of road for Caterham as auctioneers told to dispose of assets next month

Members of the Caterham Formula One team prepare their car at the Yas Marina circuit before the start of the Abu Dhabi Grand Prix on Nov 20, 2014. Hopes of rescuing the failed Caterham team looked to be over on Thursday, Feb 5, 2014, after aucti
Members of the Caterham Formula One team prepare their car at the Yas Marina circuit before the start of the Abu Dhabi Grand Prix on Nov 20, 2014. Hopes of rescuing the failed Caterham team looked to be over on Thursday, Feb 5, 2014, after auctioneers said they would sell off the team's assets next month. -- PHOTO: REUTERS

LONDON (Reuters) - Hopes of rescuing the failed Caterham Formula One team looked to be over on Thursday after auctioneers said they would sell off the assets, including 2014 cars and pitlane equipment, next month.

Auctioneers Wyles Hardy & Co said they had been instructed by administrators Smith & Williamson "to realise the assets of the Caterham F1 race team".

They said a series of online timed auction sales, starting on March 11 and running through to May 14, will be held to sell off everything from race equipment to memorabilia and office furniture.

The race and hospitality trailers, race simulator, autoclaves and Dell HPC super computer would be offered as negotiated sales separate from the auctions.

Caterham, who never scored a point, went into administration in October .

They missed the US and Brazilian Grands Prix before raising money through a crowd-funding initiative to compete at the finale in Abu Dhabi last November.

As late as last month, administrator Finbarr O'Connell had held out hope of finding a buyer although he recognised time was running out with the season starting in Australia on March 15.

The first pre-season test ended on Wednesday without Caterham's involvement.