The administrator behind Caterham believe they have until the end of January to find a buyer if the team is to have any hope of competing in Formula One this year.

Negotiations remain ongoing with three credible candidates, although they have been described as “annoyingly slow” by Finbarr O’Connell, administrator at London-based company Smith & Williamson.

With just four weeks to the first of the three pre-season tests, with Jerez the venue for four days from February 1, and 10 weeks to go ahead of the season-opening grand prix in Australia, time is fast running out.

O’Connell said: “We are in talks with a few people who have the wherewithal if they decided to go ahead. But it’s a tough investment decision. F1 is so expensive and there is not a line of people queueing to get in.

“There are only a very limited number of parties who can afford to get into it.

“One of those interested is a billionaire who would come into F1 for himself and to promote his products, whilst the other two are in the automotive industry.”

Asked whether he remained hopeful a deal could be struck, O’Connell added: “These people can all do it, and I would like them to move quicker because there is a limited period of time.

“But if you are spending £100m you are not going to buy it and rush in at the end and do a half-baked season for 2015.

“People who are spending that amount of money per season want to do it completely properly. However, there is only now a small window of time to do 2015 as well as it can be done.

“My view is we have this month and that’s it. It might slip into next month, but only if final details are being resolved.”

Caterham went into administration in October.

The team sat out the Grands Prix in the United States and Brazil before making all their 230 staff redundant.