Caterham to race in Abu Dhabi – crowdfunding works!

caterham crowdfund success

Last week, we reported that the Caterham F1 Team, abandoned by Tan Sri Tony Fernandes and in deep financial trouble, has turned to crowdfunding to enable it to race in next week’s season finale in Abu Dhabi.

With things like race suits, nose cones and dinner with the drivers up for grabs, the team set £2.35 million (RM12.43 million) as the target. That amount hasn’t been met yet – it’s now at £1,922,695 or 81% – but it is enough for the team to go racing.

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

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The trip to Abu Dhabi won’t be just for racing reasons – the team wants to showcase itself to potential buyers, and there are potential suitors in line, the team claims.

“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!” O’Connell said.

Kamui Kobayashi will race for Caterham in Abu Dhabi alongside a yet to be announced driver.

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Danny Tan

Danny Tan loves driving as much as he loves a certain herbal meat soup, and sweet engine music as much as drum beats. He has been in the auto industry since 2006, previously filling the pages of two motoring magazines before joining this website. Enjoys detailing the experience more than the technical details.

 

Comments

  • SeeTron on Nov 17, 2014 at 9:37 am

    Caterham so pariah

    Like or Dislike: Thumb up 4 Thumb down 4
  • mamamia on Nov 17, 2014 at 10:22 am

    cmne rupe caterham tu nnt dgn name2 penderma…

    Like or Dislike: Thumb up 2 Thumb down 0
  • heybadigol (Member) on Nov 17, 2014 at 12:59 pm

    Welcome to the modern world Bernie. I suspect some who funded may actually be kids in school. It won’t be long before one can buy a team with bitcoins. Haha.

    Like or Dislike: Thumb up 2 Thumb down 1
  • Tony Fernandes happy now & left Exim Bank suffer due to unpaid loan.. Good Job Mr Tony Fernandes.. this is CEO of year…

    Like or Dislike: Thumb up 10 Thumb down 1
    • appalayam on Nov 17, 2014 at 3:54 pm

      What do you expect from a CEO whose idea are to keep your airport tax fees when your flight is cancelled and charge you $$/minute just to talk to their customer service?

      As an owner, Tony shouldn’t abandon his team before the season ends.
      However, he’s just plain dirty businessman.
      Where’s his ‘racing passion’ that he boasted around during last ‘Lotus blunder’?
      In the end, it’s all about money.
      Never mind the ethics or the principles.
      “Now everyone can get conned”

      Like or Dislike: Thumb up 13 Thumb down 0
  • Head Hunter on Nov 17, 2014 at 6:01 pm

    40 staffs are going onboard to Abu Dhabi while the rest of the 230 are made redundant? That’s a disgrace. Bernie should have helped, and for F1 sake, the rule changes need to be reversed and keep costs low. I don’t care what relevance the F1 car has to the roadcar, it is supposed to be a freak show and racing. Now, everyone is like conserve this (spend more on development), green this (spend more on development), cap this with rule changes (yet spending more on development) than keep the status quo. There are some things that need to be change but never mess with the formula. The howling v10s can be made more efficient, that’s a challenge without resorting to less cylinders. Less mechanical grip to see which driver has the guts controlling powerful beasts. Say what you want about the excitement or the racing is the same without the sound but let me tell you this: I see no heroes in today’s racing, I see kids barely enough to drive having fat wallets to have a ride. I see no excitement in having smaller teams having to beg (ironically the crowdfunding is more exciting than the race itself). No real racing. Over regulated and bulls#!%. Heck, even the cars look ugly and none as sexy as the 80s turbo machine. Tony, I know you sold the team, but please stand by your people because your empire will go down sooner rather than later.

    Like or Dislike: Thumb up 5 Thumb down 0
 

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