Caterham’s administrator says a new party has expressed interest in the Formula 1 team, on the back of its crowdfunding project.
The team has launched a scheme to raise £2.35 million through donations by November 14, in an attempt to return to the grid in Abu Dhabi.
After 48 hours, more than £1 million has been pledged, with rewards such as merchandise, car parts and hospitality packages being offered in return.
“Everyone involved is incredibly grateful and excited to have raised over £1m of support in less than 48 hours,” said Finbarr O’Connell, Caterham Sports Limited administrator and interim Caterham F1 Team Principal.
“The Caterham F1 Team is almost half way to its funding target. I am not packing my toothbrush as yet though and there is still a lot of fundraising to be done by the team.
“However, it is clear that this campaign is becoming international and I have been contacted by media organisations from all over the world since Friday. The Caterham F1 Team have been approached by a number of people and organisations who have offered their support in different ways.
“Most importantly, a new financially sound interested party has entered the arena and is considering acquiring the team. This new interest is wholly due to this campaign.”
O’Connell also moved to defend the crowdfunding scheme, in the wake of criticism from several key figures, including Red Bull team boss Christian Horner.
“There has been some confusion with regard to the purpose of the Crowdfunding Project,” said O’Connell.
“Clearly, the plan is not to run a F1 team by using crowdfunding but rather this funding is providing a stepping stone for the team to a new financially sound future.
“If teams don’t race they are at a huge disadvantage as regards a potential purchaser making a very expensive purchase decision and this project gives the team the ability to showcase itself and especially its cars.”
O’Connell added that staff have been working without pay for the past six weeks to help save the team.
View the latest crowd funding here.
