Caterham Launches Crowdfunding to Help Compete

Supporters can donate from 10 pounds ($16) and will receive rewards for their contribution, such as their name on the car if it competes in Abu Dhabi.

Caterham driver Kamui Kobayashi of Japan steers his car during the qualifying session at the 'Sochi Autodrom' Formula One circuit , in Sochi, Russia.© AP

London:

Formula One team Caterham has launched a crowdfunding project to ease its financial difficulties and return to the grid for the final grand prix of the season in Abu Dhabi this month.

Caterham administrator Finbarr O'Connell says "we are working non-stop to get the Caterham F1 team back racing," and that "one of our most useful, innovative and effective options right now is crowdfunding."

Supporters can donate from 10 pounds ($16) and will receive rewards for their contribution, such as their name on the car if it competes in Abu Dhabi.

The project aims to raise 2.35 million pounds ($3.7 million) by next Friday. If unsuccessful, it will return the pledged funds.

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