Hopes of rescuing the failed Caterham Formula One team looked to be over yesterday after auctioneers said they would sell off the assets, including 2014 cars and equipment, next month.

Auctioneers Wyles Hardy & Co said that they had been in-structed by administrators Smith & Williamson “to realise the assets of the Caterham F1 team”.

They said a series of online timed auction sales, starting on March 11, will be held to sell off everything from race equipment to memorabilia.

The race and hospitality trailers, race simulator, autoclaves and Dell HPC super computer would be offered as negotiated sales separate from the auctions.

Caterham, who never scored a point, went into administration in October and missed the US and Brazilian GP before raising money through a crowd-funding initiative to compete in Abu Dhabi last November.

As late as last month, administrator Finbarr O’Connell had held out hope of finding a buyer although he recognised time was running out with the season starting in Australia on March 15.

The first pre-season test ended on Wednesday without Caterham’s involvement.