Caterham F1 raises £1.2m in crowdfunding project as possible buyers begin to surface
Potential buyers have emerged for Caterham F1, with the cash-strapped Formula One team having raised over £1m in crowdfunding in just 48 hours.
The team is looking to raise £2.35m to allow it to race in the Abu Dhabi Grand Prix on 23 November.
Finbarr O’Connell, a partner from Caterham’s administrator Smith & Williamson, launched the crowdfunding bid. He explained to City PM: “This crowdfunding is to allow Caterham F1 to drive in Abu Dhabi and, on the strength of that, to get one of the potential deals to buy the team across the line.”
O’Connell also said that, as a result of the fundraising project, “three or four” parties had expressed an interest in buying the team.
“It costs about £70m a year to fund a Formula One team, so clearly only very wealthy individuals or big organisations can afford to do it. It’s not a decision you take lightly.”
As of last night, £1.195m had been raised on Caterham’s crowdfunding website Crowdcube. The team has until Friday to raise the remaining £1.55m.