Sunday 21 December 2014

Caterham announce crowd-funding profit of £75,000

(Florent Gooden DPPI for Renault Sport F1)

The Caterham F1 Team have confirmed that they made a profit of £75,000 from their crowd-funding project which enabled them to go racing at the season in Abu Dhabi.

The Leafield based outfit had to raise £2.35 million to enable them to go racing at the Yas Marina circuit in Abu Dhabi in October. Kamui Kobayashi and Will Stevens brought £515,298 to the team. According to documents released over the weekend the Caterham F1 Team’s fuel bill for the final race came to £80,000.

Smith and Williamson administrator Finbarr O’Connell who is overseeing the Caterham F1 Team is currently unsure of how much of the £16.4 million debt that the team has will be paid back.

Mr O’Connell has also confirmed that a number of the potential buyers for the team only expressed an interest in the outfit as a result of the team racing in Abu Dhabi. 

The team failed to score a point during their time in Formula One from 2010 – 2014. It remains unclear whether or not the team will be on the grid in 2015, however that is the aim of O’Connell and his team.

Smith Williamson have stated that they are continuing the search for a buyer and they remain active in their discussions.

© Ben Johnston 2014

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