Motorsport

This F1 Team is So Broke it Had to Resort to Crowdfunding

Because competing in this sport is damn expensive.

Things aren’t go so well for Formula 1 team Caterham. In short summary, it’s pretty much out of money. Anybody who follows F1 is fully aware just how expensive this sport is in operating costs alone. Then you have to pay your drivers and crews. All told, running a team can cost up to $130 million a year. But Caterham F1 is just trying to finish out the season after declaring bankruptcy earlier in the year. It has so far missed two races this season and it’s desperate to compete in the finale at Abu Dhabi.

Thing is, it just doesn’t have the cash at the moment, so it’s started a crowdfunding campaign. The goal is to raise $3.72 million by November 14. The race itself will be on November 23. Sound desperate? They are, but within just a few hours after launching the campaign the team raised 12 percent of the amount needed. Definitely not a bad start, and we're cheering for Caterham here. It's nice to help out the underdog.

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