user icon
icon
link-icon
<< Return to the news list
Caterham could make up crowdfunding shortfall elsewhere

Caterham could make up crowdfunding shortfall elsewhere

  • Published on 14 Nov 2014 12:06
  • comments 0
  • By: Rob Veenstra
Friday's deadline looks set to come and go without Caterham raising the $3.7 million it needs through crowdfunding. The team, in administration and fighting to keep its official entry alive by making the Abu Dhabi grid, has raised only just over $2 million within hours of its self-imposed deadline expiring.

Gerard Lopez, who as owner of Lotus is frustrated that F1's income model and high costs are threatening the survival of small teams, said it is "sad" Caterham even had to revert to the controversial use of fans' hard-earned money. "Formula one, which is a $1.6 billion business, and distributes over $900 million, and we're being asked if crowdfunding is a good idea to bring a team back. Seriously?" he is quoted by the Telegraph. "Then it's even more disastrous than I think it is, in terms of ethics."

But even though Caterham may miss its crowdfunding target, the team's administrator and interim boss Finbarr O'Connell is still sounding confident. He is quoted by the Times newspaper as saying the shortfall could be made up elsewhere. "We are talking to a number of parties, who could make a substantial investment," said O'Connell.

In that case, he said the fan-sourced funding would only have to raise slightly more and "then we could make an executive decision to go" to Abu Dhabi. "I still strongly believe we will be racing," said O'Connell.

Others think Caterham would be better off quietly closing its doors, as even if it does make Abu Dhabi, questions remain over its ability to produce a reasonable car for 2015. "I have been talking to the administrator regularly," said Bernie Ecclestone. "I wonder even if they can stay in, then what shape are they going to be in after such a layoff?" the F1 supremo added.

One of the proposed solutions to F1's diminishing grid has been bolstering numbers either with three-car teams or so-called 'Super GP2' teams -- standard single-seaters like GP2 machines perhaps with uprated engines. "It's often thought it's a good idea," Ecclestone told the BBC recently. "If you go back long enough we basically had one engine, which was the Cosworth," he added, "and that's how we built formula one. So I think maybe 'back to the future'," he added. (GMM)
F1 News Lotus F1

Replies (0)

Login to reply

BE Grand Prix of Belgium

Local time 

BEGrand Prix of Belgium

Local time 

World Championship standings 2024

Pos
Team
Points
1
Red Bull Racing
195
2
Ferrari
151
3
McLaren
96
4
Mercedes
52
5
Aston Martin
40
6
Visa Cash App RB
7
7
Haas F1
5
Show full world champion standings

Test calendar

Bahrain International Circuit - Winter testing

See full test schedule

Related news

Give your opinion!

Will Bottas challenge Hamilton for the world championship in 2020?

Formula 1 Calendar - 2024

Date
Grand Prix
Circuit
-
Bahrain
29 - Mar 2
Bahrain
Bahrain International Circuit
7 - Mar 9
Saudi Arabia
Jeddah Street Circuit
22 - Mar 24
Australia
Albert Park
5 - Apr 7
Japan
Circuit Suzuka
19 - Apr 21
China
Shanghai International Circuit
3 - May 5
United States of America
Miami International Autodrome
17 - May 19
Italy
Autodromo Enzo e Dino Ferrari
24 - May 26
Monaco
Monte Carlo
7 - Jun 9
Canada
Gilles Villeneuve
21 - Jun 23
Spain
Circuit de Catalunya
28 - Jun 30
Austria
Red Bull Ring
5 - Jul 7
United Kingdom
Silverstone
19 - Jul 21
Hungary
Hungaroring
26 - Jul 28
Belgium
Spa-Francorchamps
23 - Aug 25
Netherlands
Circuit Zandvoort
30 - Sep 1
Italy
Monza
13 - Sep 15
Azerbaijan
Baku City Circuit
20 - Sep 22
Singapore
Marina Bay Street Circuit
18 - Oct 20
United States of America
Circuit of the Americas
25 - Oct 27
Mexico
Autodromo Hermanos Rodriguez
1 - Nov 3
Brazil
Interlagos
22 - Nov 24
United States of America
Las Vegas Street Circuit
29 - Dec 1
Qatar
Losail International Circuit
6 - Dec 8
United Arab Emirates
Yas Marina Circuit
See full schedule

Formula 1 Calendar - 2024

Date
Grand Prix & Circuit
-
Bahrain Bahrain International Circuit
29 - Mar 2
Bahrain Bahrain International Circuit
7 - Mar 9
Saudi Arabia Jeddah Street Circuit
22 - Mar 24
Australia Albert Park
5 - Apr 7
Japan Circuit Suzuka
19 - Apr 21
China Shanghai International Circuit
3 - May 5
United States of America Miami International Autodrome
17 - May 19
Italy Autodromo Enzo e Dino Ferrari
24 - May 26
Monaco Monte Carlo
7 - Jun 9
Canada Gilles Villeneuve
21 - Jun 23
Spain Circuit de Catalunya
28 - Jun 30
Austria Red Bull Ring
5 - Jul 7
United Kingdom Silverstone
19 - Jul 21
Hungary Hungaroring
26 - Jul 28
Belgium Spa-Francorchamps
23 - Aug 25
Netherlands Circuit Zandvoort
30 - Sep 1
Italy Monza
13 - Sep 15
Azerbaijan Baku City Circuit
20 - Sep 22
Singapore Marina Bay Street Circuit
18 - Oct 20
United States of America Circuit of the Americas
25 - Oct 27
Mexico Autodromo Hermanos Rodriguez
1 - Nov 3
Brazil Interlagos
22 - Nov 24
United States of America Las Vegas Street Circuit
29 - Dec 1
Qatar Losail International Circuit
6 - Dec 8
United Arab Emirates Yas Marina Circuit
See full schedule

Team profile

Lotus F1
Lotus F1
Show full profile
show sidebar