The Caterham F1 Team turns to crowdsourcing

The Caterham F1 Team, which was previously owned by AirAsia CEO Tony Fernandez, is launching the #RefuelCaterhamF1 project in order to raise money and go racing in Abu Dhabi and "hopefully beyond."The project which was launched last Friday has already raised £1 million.Companies and fans can get involved by heading to the Crowdcube website, www.crowdcube.com/caterham, and pledging the amount they wish to give, from just £10. Supporters stand to get the opportunity to get their name on the Caterham F1 car competing in the Abu Dhabi Grand Prix following the funding. The crowd sourcing platform will close when it reaches its £1.5m funding target or Friday 14 November, whichever is sooner.Finbarr O'Connell, Caterham Sports Limited administrator and interim Caterham F1 Team Principal said the team is working non-stop to get the Caterham F1 Team back racing and one of the 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,” O'Connell said."In order to make this happen, we've teamed-up with Crowdcube, the world's leading investment crowdfunding platform, which has raised £45m for more than 150 organisations since 2011. If we don't hit the target by next Friday, obviously the pledged funds will be returned, but right now we are hopeful for the future of the team and we are confident that the team showing the world that it can race again will lead to a bright future under a new owner on a proper financial footing."Darren Westlake, CEO of Crowdcube said: “This is a unique opportunity for motorsport fans to be directly involved in the sport they love, getting behind the team and playing a part in powering them onto the grid - even putting their name on the car."