Brief: Caterham F1 Racing Team Set to Auctioned Off Assets Just a Few Months After Crowdcube Success

Caterham-5Last November, Caterham Formula One racing team took to crowdfunding platform 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.

Unfortunately, Reuters reported that all hopes of securing the failed racing team looks to be over when auctioneers announced they would be selling off all assets, including 2014 cars and pit lane equipment.

Auctioneers Wyles Hardy & Co. revealed in a statement that its staff has been instructed by administrators Smith & Williamson to “realize the assets of the Caterham F1 race team. It was noted that a series of online timed auction sales, which start on March 11th and run through May 14th, will be held to sell virtually everything from race equipment to memorabilia.

Finbarr O'ConnellLast month, administrator of Caterham F1 race team, Finbarr O’Connell stated that he had hoped to find a buyer, but recognized that time was running out since the season starts in Australia on March 15th.

O’Connell remarked, “As long as there are people [out] there who have got a real possibility of doing something, I’m not going to close [the team] down. Because if I do, then I will just be organizing an auction as regards the assets – which I can do at any stage anyway.”

See all the items being auctioned here.

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