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Caterham to race in Abu Dhabi after crowdfunding

Published:Monday | November 17, 2014 | 11:00 AM

LONDON (AP):

Formula One team Cater-ham will compete in the season-ending Abu Dhabi Grand Prix on Sunday after a successful crowdfunding campaign.

Caterham, which has been taken over by insolvency specialists while it seeks a new buyer, has missed the last two races in the United States and Brazil.

Caterham administrator Finbarr O'Connell said Friday that the team had raised enough money through a crowdfunding programme to race in Abu Dhabi.

The initiative has raised £1.87 million (US$2.92 million) so far, and the final target is to raise 2.35 million pounds ($3.7 million).

MORE CASH NEEDED

"In only a week, the fans have made the impossible, possible," O'Connell said. "We knew that the best way to keep this team alive and attract possible buyers was to show that it's still a racing team and be in Abu Dhabi for the finale."

O'Connell added that, "We still need to raise a bit more cash."

Caterham was absent from the last two races along with fellow F1 team Marussia, which was shut down by its London-based administrator last week after no long-term solution to its financial difficulties was found.

While Caterham will return to the grid for the last race

in 2014, it will be without Swedish driver Marcus Ericsson in Abu Dhabi. He left the team Wednesday ahead of a move to Sauber.