Caterham administrator positive over future

By on Sunday, November 9, 2014
Caterham F1 Team

Caterham F1 Team

Administrators acting on behalf of Caterham say that a 'financially sound interested party' has come forward following the squad's ambitious crowd-funding effort to make it to the Abu Dhabi Grand Prix.

Caterham entered administration in October and have been absent from the last two races but started a fundraising page on Friday, which has since raised over £1m of its £2.35m target, which must be reached by Friday.

"Everyone involved is incredibly grateful and excited to have raised over £1m of support in less than 48 hours," said Finbarr O'Connell, Caterham Sports Limited administrator. 

"The Caterham F1 Team is almost half way to its funding target. 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 that this campaign is becoming international and I have been contacted by media organisations from all over the world since Friday.

"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.

"It will be a very novel moment in Abu Dhabi when the Team's supporters will be able to watch the race in the knowledge that they put the Caterham F1 car on the grid. 

 "There has been some confusion with regard to the purpose of the Crowdfunding Project. Clearly, 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."

If you liked this post then share it with your friends on social media websites. You can also follow us on Facebook and Twitter to stay up to date with the latest F1 news.