Crowdfunding, it seems like, is the talk of the town now-a-days for anyone who is looking to either start a project or revive a project. And, it is the only way out for the Caterham F1 team too. F1 or Formula1 is going through some rough times, as few weeks back two of its participating teams declared bankruptcy, within a few days gap. While the other team, Marussia, found a savior in the form of two British-Indian brother, who offered a deal worth $90 million to revive the team, Caterham is still struggling to find any investor.
Already missed out last two GPs of U.S and Brazil, Caterham don't want to miss the last race of the season, to be held in Abu Dhabhi. The team is looking to raise $3.72 million for race expenses, and interestingly, they have raised 10% of the amount by the 7th of November, looking at the rest of the 90% till 14th November, the deadline to raise funds.
Launched on Crowdcube, an English crowdfunding site, the campaign is the only ray of hope for the team and the team principal is happy with the progress so far. “That’s not a bad start,” says Finbarr O’Connell, Caterham’s interim principal and administrator. But, this is only a race thing and the team is not looking for complete funding from the crowd for sustenance in coming seasons. “This is a one race project, just to show the team off,” O’Connell says. The team is looking for complete ownership or atleast partial ownership from some investors, but they don't want a broken team and that means racing in the season end becomes a necessity.
The future prospects will not be easy though, as running an F1 team is a costly affair. Running a team costs between $110 million and $130 million a year and bigger teams can easily afford that amount of money. But for a team who hasn't scored a single point in the championship, this amount is too much to say the least, as none the amount is coming from the prize money and sponsors don't back a losing team.
We hope that all ends well for the Caterham team, as the F1 is already going through some tough times and there are hardly any team to replace the Catreham.