Member Article

Caterham F1 team to crowdfund its return

The Caterham F1 Team, which went into administration last month, is working with crowdfunding platform Crowdcube to finance its return to Formula 1 for the season finale in Abu Dhabi on 23 November.

Companies and individuals can get involved on the Crowdcube website and supporters will receive rewards depending on the amount they pledge, including a once-in-a-lifetime chance to get their name on the Caterham F1 car competing in the Abu Dhabi Grand Prix.

The opportunity to support Caterham F1’s return will close when it reaches its £1.5 million funding target or on Friday 14 November, whichever is sooner.

If the team does not hit its target by next Friday, all money will be returned to supporters.

The Caterham F1 team is undergoing a restructuring process and Caterham Sports Limited went into administration in October.

As a result its cars were not on the grid at the US Grand Prix. It will also miss the Brazilian Grand Prix, but plans to be back for the season finale in Abu Dhabi.

Finbarr O’Connell, Caterham Sports Limited administrator and interim Caterham F1 Team Principal, said: “We are working non-stop to get the Caterham F1 Team back racing and 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 investment crowdfunding platform which has raised £45 million 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.”

http://www.crowdcube.com/caterham

This was posted in Bdaily's Members' News section by Ellen Forster .