The Caterham F1 Team's chances of taking part in next week's US Grand Prix are currently hanging on crisis talks in London with the administrator of Caterham Sports Limited.

And tonight they were not helped, when the new management issued an explosive statement accusing former owner Tony Fernandes of blocking share transfers in the team with the result that, "After three months of operating the Caterham F1 Team in good faith, the Buyer is now forced to explore all its options including the withdrawal of its management team. Lawyers have been instructed by the Buyer to bring all necessary claims against all parties, including Mr Fernandes who, as an owner, will run the F1 operation."

Fernandes told BBC Sport the statement was "garbage" and tweeted, "If you buy something you should pay for it. Quite simple. A statement from Fernandes' legal team is expected on Thursday.

Despite recent public assurances that there is no legal link between the race team and CSL, the 1MRT consortium which took over the beleaguered squad from Tony Fernandes in July now finds itself embroiled in a tug of love for its race vehicles.

According to Reuters, Finbarr O'Connell of Smith & Williamson, the London-based firm appointed administrator of Caterham Sports Limited last week, has laid claim to the cars and is refusing to release the machines pending a satisfactory settlement with the race team.

"My legal advice is that I own the cars and won't be allowing the cars out of the factory until I reach an acceptable agreement," said O'Connell, who added that meetings were scheduled in London on Wednesday.

The cars are due to be shipped to Austinat the weekend for the following weekend's 17th round of the championship.

O'Connell also indicated that the team's Leafield factory is currently being guarded by privately employed former Gurkha soldiers.

According to ReutersO'Connell has indicated thatCSL's debts to creditors, with Malaysia's EXIM Bank to the fore, amounted to some £15 million ($24.19 million).

"We are allowing 1MRT to use our facility while we negotiate a settlement," said O'Connell. "They need to reach an agreement with us."

Colin Kolles, who runs the Caterham team on behalf of the 1MRT team has been quoted in recent days as saying that there is no legal connection between the team and CSL and has said that there is no intention for the team to remain at the Leafield factory which he says is unsuitable for F1.

Caterham's full statement on the Fernandes situation was as follows:

On 29 June 2014, Caterham Enterprises Ltd, Caterham (UK) Ltd and Sheikh Mohamed Nasarudin (Seller) and their shareholders Tony Fernandes and Datuk Kamarudin Bin Meranun entered into a Sale and Purchase Agreement (SPA) with Engavest SA (Buyer) with regards to 1Malaysia Racing Team Sdn Bhd/Caterham F1 Team.

Since the date of the Agreement, the Seller has refused to comply with its legal obligations to transfer their shares to the Buyer. The Buyer has been left in the invidious position of funding the team without having legal title to the team it had bought. This is in total contradiction to the Seller’s press release of 3 October 2014 which stated that Mr Fernandes and his Caterham Group had no longer any connection with the Caterham F1 Team.

The administrators of Caterham Sports Limited have been appointed on behalf of Export-Import Bank of Malaysia Berhad (Exim), a creditor of Mr Fernandes and the Caterham Group. The Buyer has no connection with Exim. Caterham Sports Ltd was a supplier company to the Caterham F1 Team. Very regrettably, the administrators' appointment has had devastating effects on the F1 Team's activities. Since their appointment, the administrators have released various press statements which have been severely detrimental to the management of the Caterham F1 team.

After three months of operating the Caterham F1 Team in good faith, the Buyer is now forced to explore all its options including the withdrawal of its management team. Lawyers have been instructed by the Buyer to bring all necessary claims against all parties, including Mr Fernandes who, as an owner, will run the F1 operation.