Bloodhound SSC Land Speed Record Team Looking to Hit 1,000 MPH Enters Administration
An investment of $32.87 million, or £25 million, is needed by Bloodhound Programme Ltd to continue operations.
The leading company behind the Bloodhound SSC land speed record machine has officially entered administration and is seeking a lifeline investment to bring the multi-million dollar project to reality.
An official announcement on the project's website details the amount needed to move forward which totals roughly $32.87 million, or £25 million. FRP Advisory, the same firm which handled the recent administration of Force India F1, has been put in charge of Bloodhound Programme Ltd.
Parties that have already provided backing for the hopeful record breaker include Rolls Royce, Rolex, and the U.K. Administration of Defense.
The project's ultimate goal is to break the world land speed record, which currently stands at 763.035 miles per hour, and extend it beyond the 1,000 mph mark. Administrators claim belief that the high-powered, high-speed vehicle can still hit that objective in 10 months if the investment is secured in short order.
Andrew Sheridan, joint administrator, said of the situation: “Bloodhound is a truly ground-breaking project which has already built a global audience and helped to inspire a new generation of STEM talent in the U.K. 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."
Sheridan also noted that "while not insignificant," the amount needed to continue with the Bloodhound SSC project is much less than the cost of "finishing last in a season of F1."
Furthermore, Project Bloodhound Chief Engineer Mark Chapman touted the initiative's success thus far and assures investors that given the resources, history can be made with the current team.
“Bloodhound has had enormous success in creating the world’s most advanced land vehicle," Chapman explained. "As we now move out of the R&D phase and into the operational phase of the project, we recognize that we need a different approach to funding. This project is built around the most successful team in the history of Land Speed Racing, and with the right support we have no doubt that the project will achieve its aims and could be racing for the record in as little as 10 months.”