We were disappointed when the Bloodhound SSC Jet Car was scrapped last year after the company went into administration 11 years after the project started. Thankfully, the land speed record project is back on track as the company was taken over by entrepreneur Ian Warhurst. Since then, the company has kept quiet about the 1,000-mph jet car, but now the team has announced a relaunch of the project at the company's new headquarters in Berkeley, UK.

Previously known as the Bloodhound SSC, the project has been renamed to the Bloodhound LSR (Land Speed Record). As part of the rebranding, the jet car features a striking new red and white livery in contrast to the old iconic blue and orange color combination we're used to seeing.

This new livery could change, however, as another company becomes the title sponsor and decides on the logo and color scheme. The team is currently focusing on completing development of the jet car and aims to start high-speed testing "as soon as possible."

"Since buying Bloodhound from the administrators last December, the team and I have been overwhelmed by the passion and enthusiasm the public have shown for the project. Over the last decade, an incredible amount of hard graft has been invested in the project and it would be a tragedy to see it go to waste," said CEO Ian Warhurst.

"Starting with a clean slate, it's my ambition to let Bloodhound off the leash to see just how fast this car can go. I've been reviewing the project and I'm confident there is a commercial business proposition to support it. I'll provide robust financing to ensure there is cashflow to hit the high-speed testing deadlines we set ourselves."

While the team works to secure sponsorship deals, Warhurst will continue to provide funding. No time frame has been given when high-speed testing or record attempts will begin for the Bloodhound LSR, but the original plan was to break the current speed record of 763 mph set by Andy Green in 1997 before attempting to reach 1,000 mph.