Caterham raise more than a million pounds in 48 hours

Sun Nov 9, 2014 11:25am EST
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By Alan Baldwin

SAO PAULO (Reuters) - The Caterham Formula One team, which is in administration and fighting for survival, said on Sunday it had raised more than a million pounds ($1.59 million) in the space of 48 hours and attracted a new potential buyer.

"A new financially-sound interested party has entered the arena and is considering acquiring the team," said administrator and interim principal Finbarr O'Connell in a statement ahead of the Brazilian Grand Prix.

"This new interest is wholly due to this campaign."

Indebted Caterham, a tail-end team who have never scored a point since their debut in 2010, went into administration last month and missed last weekend's U.S. Grand Prix and this weekend's race in Brazil.

They are seeking 2.35 million pounds through a crowd funding initiative to get them back on the grid for the season-ender in Abu Dhabi on Nov. 23.

The website ( showed a total of 1,060,599 pounds had been pledged by 1000 ET on Sunday.

The campaign has drawn scorn from some in Formula One, a sport with annual revenues of around $1.7 billion, with commercial supremo Bernie Ecclestone saying on Saturday it was a 'disaster' and teams should not go around with 'begging bowls'.

O'Connell said they had misunderstood what it was about.   Continued...