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Crowd-fund project set to give Caterham reprieve

A controversial crowd-funding project looks set to insure that Caterham are on the grid in Abu Dhabi in two weeks time.

Over the weekend Caterham launched a crowd-funding project in a bid to get them on the grid for the 2014 season finale.

Caterham are in administration and require £2.35million in a week to make up the numbers.

The move didn't appear to be welcomed by many in the paddock, especially Formula One supremo Bernie Ecclestone who slammed the idea.

'We don't want begging bowls. If people can't afford to be in Formula 1, they have to find something else to do.' he said.

Even Caterham driver Marcus Ericsson, who has already jumped ship to drive for Sauber next season didn't appear to back or even understand the proposal when he was asked about it on Sky Sports.

But despite everyone's reservations Caterham are already half way to their target after receiving over a million pounds within days of launching the project and if Caterham can make the grid then Administrator Finbarr O'Connell believes the team will have a better chance of finding a new investor.

'The team needs to showcase itself. It needs to be acquired by some high-value individual, individuals or corporation.

'But the only way they will acquire it is if the team is still together.'
O'Connell told the BBC.

'Abu Dhabi is the last link, the stepping stone for one of the purchasers I'm speaking to, perhaps the Middle Eastern purchaser I'm speaking to, perhaps one of the others, to sign that cheque and take it over. It is the best way to showcase it.'








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The Journalist

Writer: Red5 Mail feedback, articles or suggestions

Date:Tuesday November 11 2014

Time: 11:00AM

 

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