Land speed project hits another snag
Bloodhound Programme Ltd, the company behind Project Bloodhound — the initiative to break the land speed world record — has entered into business administration.
There has been no detailed report about the latest update except that UK-based FRP Advisory LLP was appointed as joint administrator on October 15.
Project Bloodhound was founded back in 2007 with the ambition to set a new land speed record of 1,000mph — about 1609,34km/h — right here in SA at Hakskeen Pan salt pan in the Northern Cape.
The project has been affected by numerous delays, mostly due to financial issues.
It now seeks rescue funds to the tune of £25m (R472m) in investment to enable completion of the project.
Andrew Sheridan, joint administrator, said: “Bloodhound is a truly groundbreaking project which has already built a global audience and helped to inspire a new generation of STEM talent in the UK 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.”
Mark Chapman, Chief Engineer, Project Bloodhound, said: “Bloodhound has had enormous success in creating the world’s most advanced land vehicle. As we now move out of the R&D phase and into the operational phase of the project, we recognise 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.”
The troubled Bloodhound project requires a R472m injection to get back on track.