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Caterham raises £1 million in 48 hours

Formula One team Caterham has raised £1 million in 48 hours via crowdfunding, according to the BBC.

Finbarr O’Connell launched the crowdfunding to raise £2.35 million in time for Caterham to race in the final grand prix of the season on 23 November.

Mr O’Connell said the possible buyer emerged because of the fundraising.

As of late Sunday afternoon, Caterham’s crowdfunding website showed that it had raised £1.075 million from 2,199 backers.

But Mr O’Connell, of administrators Smith & Williamson, said: “The plan is not to run a F1 team by using crowdfunding, but rather this funding is providing a stepping stone for the team to a new financially sound future,”

“If teams don’t race they are at a huge disadvantage as regards a potential purchaser making a very expensive purchase decision and this project gives the team the ability to showcase itself and especially its cars.”

“I am not packing my toothbrush as yet, though, and there is still a lot of fundraising to be done by the team.’’

“However, it is clear this campaign is becoming international. We have been approached by a number of people and organisations who have offered their support in different ways… as they want to see the team back on the grid.

“Most importantly, a new financially-sound interested party has entered the arena and is considering acquiring the team. This new interest is wholly due to this campaign,” he said.

The fundraising campaign closes on Friday.

This was posted in Bdaily's Members' News section by Ellen Forster .