Last month, Caterham F1 racing team launched a crowdfunding campaign on Crowdcube to raise £2.3 million to get to the season finale in Abu Dhabi Grand Prix. The project became super popular and even raised 1.1 million during its first three days on the platform.
By the time their campaign closed, the team had raised 1.8 million and even had some help from Formula One’s chief executive, Bernie Ecclestone, who provided transportation to the big event.
Now, The Independent has revealed that the Caterham F1 team has raised 75,000 in profit on its “controversial crowdfunding plan which allowed it to race at last month’s season-ending Abu Dhabi Grand Prix. Formula One fans reportedly raised 2.4 million to help buy the team equipment and get their names on its car.
The company’s documents reported that,“the value of what Caterham gave back in terms of memorabilia and old kit to those who donated came to just £160,316.” The team received a £515,298 funding boost from its sponsorship, which was paid by drivers Kamui Kobayashi and Will Stevens. Unfortunately, each member of the racing team received were paid just £2,000 and were supposedly “paid less than the workers at any other team this year.”
The documents also showed that Caterham owes a total of £16.4m, including £177,600 to former employees, so the £75,000 profit won’t stretch far. Finbarr O’Connell, a partner of Caterham’s administrator Smith & Williamson, stated, “It is too early to comment with any certainty” about how much money the team will be able to pay. Although the team was allowed to race in Abu Dhabi as a way to showcase it to buyers, O’Connell noted, “Some of the potential interest in the team has occurred only because the team raced at Abu Dhabi.”
He then added, “The administrators have continued to have encouraging discussions with several potential buyers, a process which is still ongoing.”
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