Caterham F1 launches crowdfunding scheme

Caterham F1

Caterham F1

Caterham has launched an ambitious crowdfunding scheme in a bid to raise sufficient funds to compete in the final race of the season at Abu Dhabi.

Administrators Smith and Williamson, charged to find the Leafield operation a new buyer after the squad entered administration last month, hope to raise £2.35 Million ($4.3 Million AUD) before November 14.

The team is urging companies and fans to visit a newly created website where donations from as little as £10 ($18) can be pledged. In return supporters will have their name placed on the car at Abu Dhabi.

The scheme has already raised £239,000 ($439,000) since the launch on Friday.

Caterham’s administrators have confirmed that all donations will be returned if the target is not reached.

“We are working non-stop to get the Caterham F1 Team back racing, initially in Abu Dhabi, but hopefully that will be just a stepping stone to get it back racing on a permanent basis, under new ownership,” said administrator Finbarr O’Connell.

“In order to achieve that one of our most useful, innovative and effective options right now is crowdfunding. We want to get as many sponsors and fans as possible involved this week and make our comeback something we can all be part of.

“This team deserves a future and I’m sure that there are plenty of fans and companies out there that agree with us, so I can’t think of a better way to get us all together and show our support to the team than this one, the Caterham F1 Team #RefuelCaterhamF1 project.

“If we don’t hit the target by next Friday, obviously the pledged funds will be returned, but right now we are hopeful for the future of the team and we are confident that the team showing the world that it can race again will lead to a bright future under a new owner on a proper financial footing.”

The news arrives on the same day administrators confirmed fellow minnows Marussia will close its doors after failing to find a new buyer.

For more information on Caterham’s crowdfunding scheme, visit www.crowdcube.com/caterham.

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