Member Article

Caterham F1 Team to race in Abu Dhabi Grand Prix after successful crowdfunding campaign

The Caterham F1 Team has announced that it will be racing at the final Formula 1 Grand Prix of the season in Abu Dhabi next week after fans helped the team raise enough funding through Crowdcube.

The team had a £1.5 million funding target for the crowdfunding campaign through Crowdcube which went to administration in October.

The company owed between £12 million and £15 million to suppliers.

Finbarr O’Connell of Smith & Williamson, joint administrator of Caterham Sports Limited: “We set ourselves a major challenge, but it’s definitely been worth it! In only a week the fans have made the impossible, possible.

“We knew that the best way to keep this team alive and attract possible buyers was to show that it’s still a racing team and be in Abu Dhabi for the finale, and there aren’t enough words to say how grateful we are to all the fans that have made this possible.

“We now head to Abu Dhabi ready to show what a hard-working and positive group of people this is and to hopefully secure a future for the team.

“It has hard-working people, team spirit and experience and now it only needs a secure financial future which I’m very hopeful we can achieve. “

Luke Lang, co-founder of Crowdcube, said: “We’re thrilled to have helped get Caterham F1 on the grid for the season finale in Abu Dhabi.

“It’s fantastic that so many people have been inspired to support the team, and crowdfund its return to Formula 1.”

This was posted in Bdaily's Members' News section by Clare Burnett .