The team are sniffing out potential investors as they enter administration.
Bloodhound was founded in 2007 by world speed record holders Richard Noble and Andy Green whose aim was to develop and build a rocket-powered car capable of breaching 1000 mph. Such lofty ambitions require a fairly significant financial investment and the team has been short on funds since they ran the car up to 200 mph in a test run at Newquay Airport in the UK a year ago.
Sadly, the company has now entered administration. This may sound like the first step towards an inevitable closure, but it may, in fact, be the very thing that saves the Bloodhound project from failure.
The FRP advisory team that has taken control are the same group that secured a financial deal for the Force India Formula 1 team and they are quite positive about the future of Bloodhound. Joint administrator Andrew Sheridan said that they were, “a truly ground-breaking project that has built a global audience and helped inspire a new generation of STEM [science, technology, engineering, maths] talent in the UK”.
There are a number of potential suitors already lined up to get involved with the project; the shortfall to reach the ultimate goal of 1000 mph is a not insignificant $33 million, however. In the world of top-tier motorsport, this is much less than the cost of running an F1 team for a year and you would barely keep a NASCAR team afloat for two years with a similar investment.
Despite their issues, the Bloodhound team are in an upbeat mood, they are on track for their next milestone which is a 600 mph run in 10 month’s time on an already prepared 11-mile track in South Africa. All that is missing is an injection of funds: this next step requires a more manageable $6.6 million. Jaguar actually donated an AWD F-Type R support vehicle to the project a few years back, although they may need to look at something a little quicker for this run.
The following runs will need further investment but the long-lasting benefits for both the team and their new investor will be far-reaching and will leave a lasting legacy that should inspire the next generation of record breakers.