By Associated Press - Monday, December 1, 2014

LONDON (AP) - Caterham has been given dispensation to compete in next year’s Formula One with the 2014 car as the team’s administrator talks to three potential buyers.

The World Motor Sport Council this week needs to ratify the car decision made by the F1 commission to help the team, which is in bankruptcy protection.

“The F1 Commission and FIA agreed if it would assist the weaker teams they can use the 2014 car next year, so giving them more time and options,” Caterham administrator Finbarr O’Connell said Monday. “That is of interest to all the parties I’m talking to because it gives them a choice, an easier start to get into F1 if they chose that route. It helps.”

O’Connell is hoping to find a buyer for the team before the end of the year.

“It’s a very difficult purchase decision for any party because of the huge costs involved in running a F1 team,” O’Connell said. “I’m still talking to a few interested parties, and I’m hoping one of them can do the deal. The number of people I’m talking to has increased, with two very strong candidates, and a third less strong.”

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