Administrators were handed full management responsibility for the Caterham Formula One team yesterday in a bid to find a new buyer.

Insolvency specialists Smith & Williamson locked up the team factory in Leafield, Oxfordshire, on Thursday. The firm had already been working on behalf of the creditors of Caterham Sports Ltd, the company which makes and supplies cars to 1MRT, a separate firm which actually holds the Formula One entry.

But now administrator Finnbarr O’Connell has been placed in charge of 1MRT as well, with the plan being to keep the team racing in the short term while a buyer is sought out.

“This is a very cash-strapped team,” O’Connell said, stating that his priority was to continue talks with potential buyers.

O’Connell is now effectively the Caterham team principal and said he didn’t rule out still being in that position for the United States grand prix next weekend.

“I know there have been technical difficulties with the car and I’m just getting reports back on those to see if those technical difficulties have been dealt with.

“You will know one of the drivers (Kamui Kobayashi) complained about technical difficulties with the car and feared for his safety.

“So we are looking into those because clearly the cars have to be safe before they can be driven, so that’s the main issue I have at the moment.”

He refused to say whether Caterham’s Leafield factory would reopen, but noted that he had spoken to people interested in taking over the site and the workers employed there.

Up to 200 people’s jobs could be lost if Caterham folds.