Caterham has launched a crowdfunding initiative in order to be able to race in the Abu Dhabi Grand Prix.
With the team having gone in to administration it has been absent in both the United States and Brazil, with the administrators seeking a new buyer. However, having lodged an entry for next season in order to make the team more viable, the next goal is to race in Abu Dhabi by raising £2.35million through crowdfunding.
Administrator and interim team principal Finnbarr O'Connell said the initiative – which offers the chance for backers to put their name on the car at the final race – is a way of showing prospective buyers that the team has a viable future.
“We are working non-stop to get the Caterham F1 Team back racing, 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,” O'Connell said. “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.”
The initiative will run for a week or until the target of £2.35m is raised. Anyone wanting to get involved can do so on the Crowdcube website here