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Caterham to race in Abu Dhabi – crowdfunding works!

posted Nov 18, 2014, 12:03 AM by J Shaw   [ updated Nov 18, 2014, 12:03 AM ]

Last week, we reported that the Caterham F1 Team, abandoned by Tan Sri Tony Fernandes and in deep financial trouble, has turned to crowdfunding to enable it to race in next week’s season finale in Abu Dhabi.

With things like race suits, nose cones and dinner with the drivers up for grabs, the team set £2.35 million (RM12.43 million) as the target. That amount hasn’t been met yet – it’s now at £1,922,695 or 81% – but it is enough for the team to go racing.

“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,” said Finbarr O’Connell of Smith & Williamson, joint administrator of Caterham Sports Limited.

The trip to Abu Dhabi won’t be just for racing reasons – the team wants to showcase itself to potential buyers, and there are potential suitors in line, the team claims.

“During the past few days the interest of many potential buyers has increased massively and by racing in Abu Dhabi the team will be showcasing itself as a live and functioning team that deserves to continue into 2015 and beyond.

“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. Once again, I’d like to reiterate that we are racing in Abu Dhabi thanks to all the fans out there – an achievement that will go down in F1 history and one that we can all be very proud of. We still need to raise a bit more cash so please do keep an eye on the Crowdcube website. Let’s go racing!” O’Connell said.

Kamui Kobayashi will race for Caterham in Abu Dhabi alongside a yet to be announced driver.

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