Caterham packing cars and parts for Abu Dhabi
The Caterham Formula One team are planning to race in next week`s Abu Dhabi season-ender even if they fail to raise a targeted 2.35 million pounds ($3.68 million) by Friday`s deadline, an administrator said.
London: The Caterham Formula One team are planning to race in next week`s Abu Dhabi season-ender even if they fail to raise a targeted 2.35 million pounds ($3.68 million) by Friday`s deadline, an administrator said.
The British-based team, who have missed the last two races, still had to raise nearly a million pounds through a crowdfunding website with 13 hours remaining.
However administrator Finbarr O`Connell, representing Smith & Williamson, told Reuters he expected the team would be going to Abu Dhabi anyway.
"I am 90 percent confident that we are going," he said, adding that the team`s cars and parts were being packed into transport containers and loaded onto trucks at the Leafield factory.
The freight is due to be flown out of Britain to Abu Dhabi`s Yas Marina circuit at the weekend.
"In the last few days three interested buyers have come forward," said O`Connell. "They are people with F1 connections who are seriously interested and who if any of them bought it (the team), the world would say `that makes sense`."
He said talks with a number of drivers, some with Formula One experience and others in need of a superlicence, were also advanced. He declined to divulge any names.
Caterham, who have never scored so much as a point in five seasons, went into administration last month after being overwhelmed by debts.
The previous management, who took over from Malaysian aviation entrepreneur Tony Fernandes in July, have departed with O`Connell now the acting principal pending any sale.
He expected some deals to be completed on Friday, which would give administrators "the comfort we need to be 80 percent of the way there.
"If some of those things happen, we expect to be announcing we are going," he added.
"If we are still a few hundred thousand pounds short, we will recalibrate up to race day to raise the rest."
Formula One has had just nine teams at the last two races after Marussia, who also went into administration last month, ceased trading.
The sport`s commercial supremo Bernie Ecclestone gave Marussia and Caterham a dispensation to miss the U.S. and Brazilian rounds but has said they must compete in Abu Dhabi to stay in the championship.
The Briton has spoken out against Caterham`s fundraising, saying it is bad for the sport for teams to go around with `begging bowls`.