F1 Team Raises $2.9 Million From Fans to Keep Racing

The Caterham Formula One team said it raised enough money from a crowd-funding website to compete at the Nov. 23 season-ending race in Abu Dhabi.

The Leafield, England-based team, which missed the last two events in Austin, Texas, and Sao Paulo, was seeking to raise

2.35 million pounds ($3.7 million) on Crowdcube Ltd.’s website.

The team had raised 1.87 million pounds -- 79 percent of its target -- from 4,874 backers as of 2:55 p.m. U.K. time today.

Competing in Abu Dhabi gives Caterham a chance to stay in business next season, Finbarr O’Connell, one of the team’s administrators, said in a statement.

“There aren’t enough words to say how grateful we are to all the fans that have made this possible,” O’Connell said in the statement. “Let’s go racing.”

Some of the backers got team equipment such as race driver suits and car parts for their money.

The team handed over control to administrators Oct. 24 after the planned sale of the team by AirAsia Bhd. Chief Executive Officer Tony Fernandes to Swiss company Engavest SA fell through.

Interest from potential new buyers had increased “massively” in recent days, O’Connell said.

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