Friday, November 14, 2014

Crowd-Funded Caterham Will Race In Abu Dhabi

And, probably, get a $40-million payday because of it.

The struggling Formula 1 squad went into administration and had padlocks on their doors. But a CrowdCube idea set forth the idea that if the Caterham F1 team (Kamui Kobayashi's car is pictured, thanks Caterham F1 Team) made a certain amount (2.35-million pounds), they could race in the last race of the 2014 season despite being in administration. That placement would put them top-ten in the standings for owners points and give them a mid-eight figure payday for their survival.

Much to the chagrin of F1 major domo Bernie Ecclestone- who thought the idea was a crock in the first place.

This coming from the guy who thinks social media isn't for his racing series, anyway...

“We set ourselves a major challenge, but it’s definitely been worth it! In only a week the fans have made the impossible, possible," Finbarr O’Connell of Smith & Williamson, joint administrator of Caterham Sports Limited. "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.

“We now head to Abu Dhabi ready to show what a hard-working and positive group of people this is and to hopefully secure a future for the team. 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!”

Here was Craig Slater outside Caterham HQ just a few weeks ago when things were pretty bleak...
((HT: Sky Sports))

No idea on who will drive the car (or cars) for the team since Marcus Ericsson quit. Kobayashi has driven the other car, but his future was in doubt as well.

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