#RefuelCaterhamF1 hits 20% of target with 1,000 backers after first day

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Caterham’s crowdfunding project to try and reach the grid for the season-ending Abu Dhabi Grand Prix has made a strong start, hitting 20% of its target after less than 24 hours.

The financially stricken F1 team announced yesterday that it would be asking for donations from fans to try and get back racing for the final race of the 2014 season after entering administration two weeks ago.

Following the supposed sale of the team by former owner Tony Fernandes and the subsequent dispute with the new buyers, Caterham failed to race in the USA last weekend and does not feature on the grid for this Sunday’s Brazilian Grand Prix, either.

Just like Caterham, Marussia F1 Team entered administration ahead of the race in Austin, but confirmed yesterday that it had shut its doors for good and had formally ceased trading.

The Anglo-Russian outfit is set to lose ninth place in the constructors’ championship, and if Caterham can race in Abu Dhabi, it could move up to P10 in the standings and receive a $40m windfall simply for turning up.

To make this happen though, the administrators have sought funding from fans, offering a number of perks and benefits in return for the donations to get Caterham back on the grid.

Of the £2.35m ($3.7m) target, £500,000 has been raised so far, equalling almost $800,000 and 21% of the overall target.

For more information on the crowdfunding project, click here.