The Bloodhound vehicle in 2017
Bloodhound Programme, the UK company behind Project Bloodhound, the initiative to break the land-speed world record (currently at 1 227.98 km/h), has run into serious financial trouble.
The company has entered into administration, with the appointment of Andrew Sheridan and Geoff Rowley, partners at specialist business advisory firm FRP Advisory LLP, as joint administrators.
Project Bloodhound was founded in 2007 and aims to hit speeds of 1 600 km/h at a specially built, 18 km long, 1 500 m wide race track at Hakskeen Pan, in South Africa’s Northern Cape province.
In addition to seeking to break the land-speed world record, the project is the focal point for a science, engineering and maths education campaign.
To date the project has operated on a partnership and sponsorship model, with support from a variety of partners, including Rolls-Royce and Rolex, the UK Ministry of Defence and the Northern Cape provincial government, with the latter supporting the creation of the track.
Individual donations from the public have also supported the development of the car and the global education programme.
The project has already built a viable racing car which has been tested to 321 km/h.
The team is now seeking around £25-million in funding to see the project to completion.
“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,” explains Sheridan.
“Whilst not an insignificant amount, the £25-million 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 has had enormous success in creating the world’s most advanced land vehicle,” adds Project Bloodhound chief engineer Mark Chapman.
“As we now move out of the research and development phase and into the operational phase of the project, we recognise that we need a different approach to funding.
“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 ten months.”
The Bloodhound team in May announced that it expected to race in South Africa next year, slowly ramping up to tackle the big number in October or November 2019.