Caterham launches crowdfunding project to save team
The Caterham F1 Team is launching the #RefuelCaterhamF1 project today in order to help the team to go racing in Abu Dhabi "and hopefully beyond". The team reports it will reward fans with their presence on the grid at Abu Dhabi.
Companies and fans can get involved by heading to the Crowdcube website, www.crowdcube.com/caterham, and pledging the amount they wish to give, starting at £10.
The team says 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 £2.350m funding target or Friday 14 November, whichever is sooner.
Finbarr O’Connell, Caterham Sports Limited administrator and interim Caterham F1 Team Principal: “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. 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.”
Mike Stubbs of Mishcon, legal adviser to the Administrator: “At Mishcon, we do a lot of ground breaking work for our F1 clients and for all clients . This initiative represents yet another advancement in the ever growing list of rescue options if you are prepared to think laterally.”
Darren Westlake, CEO of Crowdcube: “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. 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.”
