Caterham F1 is "appealing to fans to send money to keep it going," according to Christopher Elser of BLOOMBERG. The team went into administration in October. Caterham is asking supporters to "help fund its participation in Abu Dhabi." It is using "public-funding website Crowdcube" to try to raise £2.35M ($3.73M) by Nov. 14, asking fans to give as little as £10 ($16). Caterham administrator and interim team principal Finbarr O'Connell said, "We are working non-stop to get the Caterham F1 team back racing, initially in Abu Dhabi, but hopefully that will be just a stepping stone to get it back racing on a permanent basis, under new ownership" (BLOOMBERG, 11/7). REUTERS' Alan Baldwin reported Caterham said on Sunday it had raised more than $1.59M in the space of 48 hours and attracted a new potential buyer. O'Connell said in a statement, "A new financially-sound interested party has entered the arena and is considering acquiring the team. This new interest is wholly due to this campaign" (REUTERS, 11/9). In London, Phil Duncan reported the crowdfunding scheme calls on fans to contribute a minimum of £1 ($1.59) in exchange for "car parts, merchandise and even dinner with one of this year’s drivers; Japan’s Kamui Kobayashi or Swedish rookie Marcus Ericsson" (DAILY MAIL, 11/9).
ECCLESTONE, HORNER CRITICAL: In London, Kevin Eason wrote the "Caterham begging bowl is filling fast despite fierce criticism from Formula One insiders who believe that a call to fund the stricken team is wrong." F1 CEO Bernie Ecclestone "described the idea of fans paying teams' bills as 'a disaster.'" He said, "We don't want begging bowls. If people can't afford to be in Formula One, they have to find something else to do. If I sit in a poker game and I can't afford to be there with the other people, I get killed and have to leave." Red Bull Team Principal Christian Horner also criticized the scheme, saying, "The fans pay to be entertained by the teams. They shouldn’t be having to pay for a team. The concept of that is wrong and should not be allowed" (LONDON TIMES, 11/8). The AP's Tales Azzoni wrote Ecclestone "seemed surprised when told that the team had already raised" nearly $800,000 in the first 24 hours of the project. He said, "Really? It's up to the fans if that's what they want to do." Ecclestone "dismissed any chance of helping the team with more money if they can't raise enough to race in Abu Dhabi," saying, "No, not at all" (AP, 11/9).
