Oct.25 (GMM/Inautonews.com) Caterham is allowed to sit out the next two grands prix while it fights for survival.

As administrators take charge at Leafield, where for the past days the gates have been locked to staff, Saturday’s equipment freight deadline for Austin and Brazil has loomed large.

F1 teams are contractually obliged to field two cars at every grand prix.

But with administrators working on behalf of unpaid creditors now taking over from the departed Colin Kolles-led management group, Bernie Ecclestone has agreed to allow Caterham to sit out the Austin-Brazil double header.

“Mr Ecclestone agreed to support the administrators in their wish to sell the formula one team to a party with the financial strength to sustain it into the future,” the administrators said in a statement.

“Mr Ecclestone also agreed to give dispensation such that (Caterham) could, if necessary, miss the US and Brazilian grands prix, but hoped that a new owner would be in a position to race the team at the Abu Dhabi grand prix,” the statement added.

Reports quoted F1 chief executive Ecclestone as confirming the news.

The administrators added that until a buyer is found, staff will not be required at the Leafield factory.