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Caterham attempts crowd-funded approach to financial woes - Administrators launch new funding project

Published by Christine

Caterham attempts crowd-funded approach to financial woes
Credit: Charles Coates/LAT
Caterham attempts crowd-funded approach to financial woes audio waveform

With the news that Marussia were closing its doors, fellow backmarker team Caterham reached for a last-ditch novel approach to save themselves from the same fate. The Leafield based team are also in administration and looking for investment to save closing down, and they’ve set up a crowdfunding project to attempt to raise the nearly two and a half million pounds required to keep going for the final race of the season.

Donations can be made out of the goodwill of patrons hearts, or to get rewards such as driver and team gloves, overalls, or parts of the car itself. The team’s administrators said: “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.”

The project had managed to gain almost half a million in its first day, but has been met with mixed response. Some are irritated with fans having to shell out yet more for the expensive sport, and for a team that should essentially be a business. Others are getting behind the concept of getting fans closer and feeling more involved.