The company behind the bid to break the Land Speed Record using a rocket-powered car, has gone into administration.
FRP Advisory, which recently handled the administration of Formula 1 team Force India, have been appointed administrators of Bloodhound Programme Ltd.
The company has built a “viable racing car”, according to FRP, but faces a £25 million shortfall to complete the project. The team has set a target of breaking the Land Speed Record and raising it to at least 1,000mph (1,609kph) using its Bloodhound SSC.
The administrators believe a record bid could still take place within 10 months if an investor is found.
Joint administrator Andrew Sheridan said “Bloodhound is a truly ground-breaking project which has already built a global audience and helped to inspire a new generation of STEM [science, technology, engineering and mathematics] talent in the UK and across the world.
“Entering into administration provides some breathing space to identify an investor who will bring the guaranteed funding, impetus and expertise required to drive the project forward.
“Whilst not an insignificant amount, the £25m Bloodhound requires to break the land speed record is a fraction of the cost of, for example, finishing last in a F1 season or running an Americas Cup team. This is an opportunity for the right investor to leave a lasting legacy. We are already in discussion with a number of potential investors and would encourage any other interested party to contact us without delay.”
Bloodhound Programme has already attracted backing from Rolls Royce, Rolex and the Ministry of Defence. The Northern Cape Provincial Government in South Africa supported the creation of a special 18 kilometre long, 1,500 metre-wide drag strip for the car’s record bid.
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