Caterham raises $1.6m in crowdfunding project

LONDON (AP) Formula One team Caterham has raised more than 1 million pounds ($1.6 million) in the 48 hours since launching a crowdfunding project aimed at easing its financial difficulties and returning to the grid for the final grand prix of the season.

Caterham, which has been taken over by insolvency specialists while it seeks a new buyer, is looking to raise 2.35 million pounds ($3.7 million) by next Friday to allow the team to race at Abu Dhabi this month.

Caterham administrator Finbarr O'Connell says ''I am not packing my toothbrush as yet, though, and there is still a lot of fundraising to be done by the team.''

O'Connell says a ''financially sound interested party has entered the arena and is considering acquiring the team'' in light of the campaign.