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2014-11-07 18:52

BEGGING BOWL OUT: The Caterham F1 team administrators have asked fans to send money, lots of it and soon, so the cars can get to the November 23 Abu Dhabi season-closer. Image: AFP

LONDON, England - Administrators of the Caterham Formula 1 team have announced a crowd-funding initiative to try to raise the equivalent of R41-million within a week so the team can race in Abu Dhabi.

Finbarr O'Connell, the administrator representing Smith & Williamson, said: "If we don't hit the target by next Friday Nov 14 2014) the pledged funds will be returned.

"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."

Caterham said companies and fans could pledge money through www.crowdcube.com/caterham starting from 10 pounds with contributors getting their name on the cars that would race in the November 23 season-ender.

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