AirAsia CEO Fernandes says he made mistake buying Formula 1 team

AirAsia Bhd. Chief Executive Officer Tony Fernandes said he made a mistake by trying to run a Formula One team at the same time as Asia’s largest budget airline.

Caterham, the Leafield, England-based team, filed for protection from creditors last week after a proposed sale to Swiss company Engavest SA stalled. Fernandes began managing the team -- then known as Lotus -- in 2010. He told Sky Sports News he would support efforts to find a new owner.

“You have got to know what you are good at and what you are not good at,” Fernandes said. “Racing is over for me.”

Marussia, another Formula One team, sought protection on October 27 and will also miss the November 2 U.S. Grand Prix in Austin, Texas.

The financial gap between teams was “way too big,” Fernandes said. “The sport has to examine itself.”

The biggest teams typically get about 10 times as much as the smallest, according to Xander Heijnen, a partner at CNC Communications & Network Consulting AG in Munich who has advised carmakers about the series.

Fernandes said he will remain as co-owner of soccer club Queens Park Rangers, which is second-last in the Premier League.