Caterham raises over £1m in crowdfunding

<p>A crowdfunding project to raise funds for the Caterham Formula One team has passed £1 million in 48 hours.</p>

Caterham Formula One team has been offered a lifeline through a successful crowdfunding project.

The team, founded by Queens Park Rangers owner Tony Fernandes, has hit financial difficulty this season and was recently placed in administration. The crowdfunding scheme, launched by Finbarr O'Connell, managed to raise £1 million in the first 48 hours. The goal is to reach £2.35 million in time for the final grand prix of the season in Abu Dhabi on November 23rd.

Since the administration, Caterham has been absent from both the US Grand Prix in Austin, Texas, and the Brazilian Grand Prix in Sao Paulo. The Abu Dhabi has been highlighted as the perfect opportunity for Caterham to attract a buyer. Mr O'Connell noted that there has been interest in the British team.

Speaking about the crowdfunding project, Mr O'Connell explained: "It is clear this campaign is becoming international. We have been approached by a number of people and organisations who have offered their support in different ways… as they want to see the team back on the grid.

"Most importantly, a new financially-sound interested party has entered the arena and is considering acquiring the team. This new interest is wholly due to this campaign."

Crowdfunding works by people donating money or purchasing merchandise from the company in question. Caterham has been playing its part by selling earplugs and badges as well as launching a competition where people have their name on a racing car during the Abu Dhabi Grand Prix.

Despite the ongoing problems off the track, Caterham's performance on the track in the 2014 has also been a disappointment. The team has failed to collect a single point, only Sauber has a similar record. This is in stark contrast to leaders Mercedes which have collected a massive 651 points thanks to the performances of driver Nico Rosberg and Lewis Hamilton.

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