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The fans of cash-strapped Caterham have stumped up STG1 million ($A1.8 million) in 48 hours in response to the team’s attempt to secure funds to race in the season-ending Abu Dhabi Grand Prix.
The backmarkers went into administration last month and will miss Sunday’s Brazilian Grand Prix having also sat out last Sunday’s race in Texas.
On Friday Caterham got out the begging bowl, launching the #RefuelCaterhamF1 project where they asked fans to pledge five pounds or more in an effort to reach a target of STG2.35 million ($A4.3 million) to get to the UAE grid on November 23.
The campaign closes next Friday, or sooner should the target figure be reached.
The team’s adminstrator and interim team principal Finbarr O’Connell said: “The Caterham F1 Team is almost half way to its funding target.
“I am not packing my toothbrush as yet though and there is still a lot of fundraising to be done by the Team.”
O’Connell said the campaign was gathering momentum, and had generated interest from potential buyers.
“A new financially sound interested party has entered the arena and is considering acquiring the Team,” he revealed.
“This new interest is wholly due to this campaign.”
He explained the reasoning behind the novel scheme.
“The plan is not to run a F1 team by using Crowdfunding but rather this funding is providing a stepping stone for the Team to a new financially sound future.
“If teams don’t race they are at a huge disadvantage as regards a potential purchaser making a very expensive purchase decision and this Project gives the Team the ability to showcase itself and especially its cars.”
Caterham launched the crowd fundraiser on the same day that fellow strugglers Marussia ceased trading and made nearly 200 staff redundant.
Caterham’s initiative has been attacked however by Red Bull team principal Christian Horner.
“I don’t agree with the fans having to fund a team,” Horner told Sky Sports News.
“The fans pay to be entertained by the teams, they shouldn’t be having to pay for a team. The concept of that is wrong and shouldn’t be allowed.”
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