Pada tanggal 21 Oktober 2014, diumumkan bahwa Caterham telah memasuki administrasi,<ref>{{cite news|url=http://www.bbc.co.uk/news/uk-england-oxfordshire-29704117|publisher=BBC Sport|date=21 October 2014|accessdate=21 October 2014|title=Caterham F1 manufacturer goes into administration}}</ref> dan telah menarik tim manajemennya. Sebuah pernyataan yang dikeluarkan atas nama Caterham mengatakan bahwa para administrator, [[Smith & Williamson]], sekarang memegang kendali tim.<ref name="finbarr">{{cite news|url=http://www.autosport.com/news/report.php/id/116480|title=Caterham F1 team now run by administrator as management steps back|first=Jonathan|last=Noble|work=[[Autosport]]|publisher=[[Haymarket Media Group|Haymarket Publications]]|date=24 October 2014|accessdate=18 December 2014}}</ref> Bernie Ecclestone memberi dispensasi khusus kepada Caterham untuk melewatkan Grand Prix Amerika Serikat dan Grand Prix Brasil ketika mereka berusaha menemukan pembeli untuk tim tersebut.<ref>{{cite news|url=http://www.autosport.com/news/report.php/id/116487|title=Caterham F1 team set to miss next two races as it seeks buyer|first=Jonathan|last=Noble|work=[[Autosport]]|publisher=[[Haymarket Media Group|Haymarket Publications]]|date=24 October 2014|accessdate=18 December 2014}}</ref>
In spite of the above dispensation, absence from any Grand Prix breached Formula One regulations. Nevertheless, at the United States Grand Prix, because of the team's current financial circumstances – similar to those of [[Marussia F1]] – the FIA stewards decided to not impose any penalties. Instead, they referred the matter to the attention of the FIA president.<ref>{{cite news|last=Noble|first=Jonathan|url=http://www.autosport.com/news/report.php/id/116549|title=US GP: Stewards refer Caterham, Marussia F1 teams' absence to FIA|publisher=Autosport|date=30 October 2014}}</ref> In addition, for 2015, [[Sauber]] announced the engagement of Caterham's driver, [[Marcus Ericsson]],<ref>{{cite news|url=http://www.grandprix.com/ns/ns29302.html|publisher=Grandprix.com|date=1 November 2014|title=Marcus Ericsson to drive for Sauber in 2015}}</ref> who terminated his contract with Caterham on 12 November 2014.<ref>{{cite web|url=http://www.bbc.co.uk/sport/0/formula1/30029215 |title=Caterham: Marcus Ericsson terminates deal |publisher=BBC Sport |date=12 November 2014 |accessdate=12 November 2014}}</ref>
