Caterham F1 Team Raises Over £1 Million in Crowdfunding Campaign
The Caterham F1 Team, as has been widely reported, has fallen on hard times, with its new owners apparently unable to fund the effort and new investors hard to come by. But the team has found what could be at least an interim solution.
In response to its financial difficulties, the team has launched a crowdfunding campaign to get it back on the grid in time for the season finale at the Abu Dhabi Grand Prix. The campaign launched on Crowdcube.com, and allows for private individuals and corporations to fund the team for as little as £5 ($8), with backers rewarded with swag for their support.
Apparently the campaign is working, too. As of the announcement made on Nov. 9, the team had already raised over a million pounds – equivalent to approximately $1.6 million at today's rates. According to Finbarr O'Connell, the bankruptcy administrator who's now effectively running the team, that puts the team "almost half way to its funding target."
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