Caterham resorts to crowdfunding to make Abu Dhabi grid
Caterham has a plan to make it back to the grid, but there's a catch.
Photo by: XPB Images
Caterham is leaning on their fans in hopes of raising £2.35 million so that they can compete in the season finale in Abu Dhabi. Using the hashtag #RefuelCaterhamF1, they are trying to rally fans around the broken team.
The crowdfunding project is an ambitious one and will give them more time to find serious investors and escape the same fate as Marussia, whose time sadly ran out this morning. However, there's a catch. If they can't find investors, making Abu Dhabi will help them in a different way.
An escape clause
With Marussia gone, they will forfeit tenth place in the constructor's championship, allowing Caterham to pick up the $11 million dollars for the spot. If no investors are found, they will use that money to pay off their debts, then they can close the doors and simply walk away.
Caterham Administrator Finbarr O’Connell
"We are working non-stop to get the Caterham F1 Team back racing, initially in Abu Dhabi, but hopefully that will be just a stepping stone to get it back racing on a permanent basis, under new ownership. In order to achieve that one of our most useful, innovative and effective options right now is crowdfunding."
"We want to get as many sponsors and fans as possible involved this week and make our comeback something we can all be part of. This team deserves a future and I’m sure that there are plenty of fans and companies out there that agree with us, so I can’t think of a better way to get us all together and show our support to the team than this one, the Caterham F1 Team #RefuelCaterhamF1 project."
“In order to make this happen, we’ve teamed-up with Crowdcube, the world’s leading crowdfunding platform, which has raised £45m for more than 150 organisations since 2011. If we don’t hit the target by next Friday, obviously the pledged funds will be returned, but right now we are hopeful for the future of the team and we are confident that the team showing the world that it can race again will lead to a bright future under a new owner on a proper financial footing.”
Over 200 employees lost their jobs with the collapse of Marussia this morning and Caterham is now desperate to avoid the same outcome. There is one week left in the campaign and already £110,000 has been raised. Fundraiser located here
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