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Caterham launches crowd funding project

NEWS STORY
07/11/2014

The Caterham F1 Team is launching the #RefuelCaterhamF1 project today in order to power the team to go racing in Abu Dhabi and hopefully beyond. The team will reward both fans and sponsors in this unique opportunity to be the driving force behind the team by crowdfunding its return to the grid.

Companies and fans can get involved by heading to the Crowdcube website and pledging the amount they wish to give, from just 10. Supporters will receive unique rewards, including a once in a lifetime opportunity to get your name on the Caterham F1 car competing in the Abu Dhabi Grand Prix. The opportunity to support Caterham F1's return to the grid will close when it reaches its 2.35m funding target or Friday 14 November, whichever is sooner.

"We are working non-stop to get the Caterham F1 Team back racing," said Finbarr O'Connell, Caterham Sports Limited administrator and interim Caterham F1 Team Principal, "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."

"At Mishcon, we do a lot of ground breaking work for our F1 clients and for all clients," added Mike Stubbs of Mishcon, legal adviser to the Administrator. "This initiative represents yet another advancement in the ever growing list of rescue options if you are prepared to think laterally."

"It's fantastic for Crowdcube to be able to support an iconic team in this way; helping Caterham F1 to continue doing what it does best," said Darren Westlake, CEO of Crowdcube. "This is a unique opportunity for motorsport fans to be directly involved in the sport they love, getting behind the team and playing a part in powering them onto the grid - even putting their name on the car."

Check out our Friday gallery, here.

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READERS COMMENTS

 

1. Posted by Hondawho?, 08/11/2014 8:36

"Pleased my post under "Bernie admits F1 has a problem" on the 2.11. Was taken seriously! We wait and see but it still requires a leader for the team! "

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2. Posted by nealio, 07/11/2014 19:52

"Good grief!"

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3. Posted by Rock Doc, 07/11/2014 17:40

"I wonder who the driver will be. It would be a shame if Kobayashi were to be sidelined for someone else. I hope they reach their target so they can finish off the season.

Of course Bernie will be eyeing this opportunity to milk the fans some more if it works."

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