Caterham launches a crowdfunding project to get back into F1

It was announced this afternoon that Caterham have turned to Formula 1 fans to help save the team after launching a crowdfunding project.

The financial troubled Caterham team (which has yet to score a single point since entering F1), went into administration in the lead-up to the United States GP and F1 supremo Bernie Ecclestone gave them “special dispensation” to miss the races in Austin and this weekend’s Brazilian GP.

The Caterham team are yet to find a buyer, but they have now launched a crowdfunding initiative with the hope of raising £2.35 million that will allow them to race in the season finale in Abu Dhabi.

Fans have been urged to get involved via the hashtag #RefuelCaterhamF1 or www.crowdtube.com/Caterham ahead of the November 14 deadline. In a statement to the media earlier this week, administrator Finbarr O’Connell stated the following on the current situation regarding Caterham:-

'We are still hopeful we will be racing in Abu Dhabi. There are a number of parties involved, but because the financial commitments are so huge it is difficult for people to commit.

'But I’m hoping when the sport is in Abu Dhabi we will have finalised a deal before then, or at that point. I’m very, very hopeful the team will be in Abu Dhabi. We are making arrangements to go to Abu Dhabi as we speak.'

It would seem from what the O'Connell is saying is that they are still pushing as hard and as quickly as they can to find new owners and investors to keep Caterham running in Formula One. However, it is understandable that people would be reluctant to commit to running a Formula One team fully due to economic climate even if they would want to help the team get out of the situation that they are currently in and run an Formula One team.

But it is clear for all to see that the objective is to find new owners or investors to save Caterham before the deadline next Friday. But it seems to me that this is looking ever more difficult for them and it might not happen, even if we all want it too. Even though pundits and fans have argued over social media today about why Caterham have launched a crowdfunding project to help them get to Abu Dhabi, but this project could help them in the short term and we see them on the grid again but realistically it will not help them with the long term future in the sport.

But all we can do is wait and see how the crowdfunding project goes over the next week and if they can race in Abu Dhabi by reaching their £2.5 million target on Crowdtube or if they can get long-term investment to secure their future. For me personally, the time is ticking for the Caterham team and the administrators. They have to use everything they have at their disposal and using the correct channels to fight to stay in Formula One before it is too late for them and I really hope they achieve their objective and are back racing once again on the grid in Abu Dhabi in a few weeks time and beyond.

Sarah Jones