Caterham F1 seeks to raise Â£2m to make Abu Dhabi grid
The Caterham F1 Team has raised more than £1m in 48 hours in a bid to make the Abu Dhabi Grand Prix. The joint administrators of the team are hoping to raise £2.35m on crowdfunding website Crowdcube in time for Caterham to race in the final grand prix of the season on 23 November.
Finbarr O'Connell, Henry Shinners and Anthony Spicer of Smith & Williamson were appointed as joint administrators of Caterham Sports Ltd on 17 October 2014.
The company, based in Witney, has historically provided services to 1 Malaysia Racing Team (1MRT), a Malaysian company which operates the Caterham F1 Team in the Formula 1 World Championship.
O'Connell said: "We are working non-stop to get the Caterham F1 Team back racing and 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."
The administration of Caterham came just a few months after the F1 team was sold by founder Tony Fernandes, the Queens Park Rangers owner, and partners to a consortium of Swiss and Middle East investors.
Mike Stubbs of Mishcon, legal adviser to the administrators, said: "At Mishcon, we do a lot of ground breaking work for our F1 clients. This initiative represents yet another advancement in the ever growing list of rescue options."
In the year ended 31 December 2012, Caterham Sports Ltd employed more than 270 staff and reported turnover of £46.7m.
Administrators were appointed to the business by its bank after its sole director Constantin Cojocar had applied to put it into insolvency through a court order.
Cojocar said he expected to receive £2m a week from backers which would be used to pay creditors. However, the money did not arrive and he had no choice but to request the company be placed into administration.