F1: Caterham buyer says Fernandes still owner

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Caterham's new buyer insists it has fulfilled all its conditions to purchase the Formula 1 team from Tony Fernandes, as a dispute rages over ownership of the squad.

After a strongly worded statement issued on Wednesday hit out at Fernandes for not having transferred his shares in the company to Swiss firm Engavest, the Leafield, UK-based outfit's former boss hit back.

On his Twitter feed Fernandes suggested that the situation was not as clear cut as had been made out. He wrote: "If you buy something you should pay for it. Quite simple."

But Engavest issued its own response on Thursday, saying that it had honored its agreement with Fernandes. It also made clear that it holds Fernandes entirely responsible for the team's current activities.

"On 29 June 2014 Engavest SA signed a Sale and Purchase Agreement with Tony Fernandes and the Caterham Group to acquire the shares of 1Malaysia Racing Team/Caterham F1," said the statement. "Engavest SA has fulfilled all the conditions precedent, including paying the purchase price for the shares.

"The shares have not been transferred and therefore Mr Fernandes remains the owner of Caterham F1 and is fully responsible for all its activities."

It is expected that Fernandes's lawyers will issue their own statement later, clarifying his position regarding ownership of Caterham.