Land speed project hits an­other snag

NEWS

Business Day - Motor News - - MOTOR NEWS - Mo­tor News Re­porter

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.”

FUND­ING

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.

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