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Caterham to race in Abu Dhabi after crowdfunding

November 14, 2014

LONDON (AP) — Formula One team Caterham will compete in the season-ending Abu Dhabi Grand Prix next week after a successful crowdfunding campaign.

Caterham, which has been taken over by insolvency specialists while it seeks a new buyer, has missed the last two races in the United States and Brazil.

Caterham administrator Finbarr O’Connell said Friday that the team had raised enough money through a crowdfunding program to race in Abu Dhabi.

The initiative has raised 1.87 million pounds ($2.92 million) so far and the final target is to raise 2.35 million pounds ($3.7 million).

“In only a week the fans have made the impossible, possible,” O’Connell said. “We knew that the best way to keep this team alive and attract possible buyers was to show that it’s still a racing team and be in Abu Dhabi for the finale. ”

O’Connell added that “we still need to raise a bit more cash.”

Caterham was absent from the last two races along with fellow F1 team Marussia, which was shut down by its London-based administrator last week after no long-term solution to its financial difficulties was found.

While Caterham will return to the grid for the last race in 2014, it will be without Swedish driver Marcus Ericsson in Abu Dhabi. He left the team Wednesday ahead of a move to Sauber.

Update hourly