The 1000mph project has been canned after administrators failed to secure a £25million cash injection
Steve Cropley Autocar
7 December 2018

Bloodhound, the 1000mph land speed record project founded in 2007 by previous record holder Richard Noble and current holder Andy Green, has been shut down after administrators failed to find the cash needed to keep it running.

The bold project entered administration in October, citing a shortage of funds since running the car at 200mph on Newquay Airport a year ago.

At the time, team insiders say the project needed around £5 million to run the car at 500-600mph under jet power on its already-prepared 18km track in South Africa, around £15m to achieve 800mph and break the existing record, and around £25m to reach its ultimate goal of lifting the record to 1000mph.  

Andrew Sheridan, from administrator FRP Advisory, had been put in charge of securing the funding. While hopeful he could find the funding when interviewed by Autocar, he has now said that no purchaser could be found. 

"Despite overwhelming public support, and engagement with a wide range of potential and credible investors, it has not been possible to secure a purchaser for the business and assets," Sheridan told the BBC.

"We will now work with the key stakeholders to return the third-party equipment and then sell the remaining assets of the company to maximise the return for creditors."

The FRP Advisory team that took the helm was the same group that found new owners and a stable future for the Force India Formula 1 team. When he took over the project, joint administrator Sheridan described Bloodhound as “a truly ground-breaking project that has built a global audience and helped inspire a new generation of STEM [science, technology, engineering, maths] talent in the UK”.

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Opinion: how Bloodhound could have survived 

At the time it entered administration, Bloodhound bosses had estimated the project would take about 10 months to get ready for its first South African runs, building the team up from the present five or six to around 15 people. For the full-on 1000mph record runs, they’d have needed closer to 40 people.

In an unusually bullish statement at the time, Sheridan said he believed administration provides the team with “breathing space” to identify new investors. “While not an insignificant amount,” he said, “the £25m Bloodhound requires to break the land speed record is a fraction of the cost of, for example, finishing last in an F1 season or running an America’s Cup team. 

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Comments
41

15 October 2018

 Yes, whom?, who do we think might fund it?

Peter Cavellini.

15 October 2018
Peter Cavellini wrote:

 Yes, whom?, who do we think might fund it?

Geely are one of the project sponsors and they seem to have plenty of money to throw about. In all seriousness, I can't see what a potential rescuer gets out of this, once the car has run a few times and hopefully successfully breaks the current record and then goes onto 1000 mph, then that's it, the car will probably end up in a museum like Thrust 2 and Thrust SSC or scrapped. I do hope someone does come forward though, it would be good to see the record broken.

15 October 2018
Peter Cavellini wrote:

 Yes, whom?, who do we think might fund it?

maybe someone from abroad will pay in and then claim the credits for their own country. 

15 October 2018

The world would be a dull place if we didn't keep pushing our limitations and trying to break records.   Every little thing helps mankind.   Sometimes you can't measure how important these record attempts are, just engineers and scientists who choose that path because of Star Trek.

 

We have politicians who love to stand on the coat tails of others and claim it was because of them.   Let's see them actually fund something interesting.

 

15 October 2018

over the sound of the public outrage if taxpayers' money was spent on a thing like this.

19 November 2018
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15 October 2018

So how much has it cost so far and what will another £25,000,000 (at least) be spent on. Maybe they set their target to high and have taken to long (11 years) to reach just 200mph.

Sorry to be negative and I do admire their guts but history and accountants won't look kindly on project.

typos1 - Just can’t respect opinion

289

15 October 2018

I think it is time to 'call time' on this project.

It is a ghastly waste of money to achieve what?....nothing that anyone gives a toss about anyway!

Land Speed records were big news until Campbell died....after that despite ever faster  (but non wheel driven) records, few really took notice.

The breaking of the sound barrier was a 10 minute wonder at huge cost. IMO the momey would be better spent on Cancer research (or similar), and also saving the risk of Andy Green being dissapated to molecules if it all goes wrong!

15 October 2018
289 wrote:

I think it is time to 'call time' on this project.

It is a ghastly waste of money to achieve what?....nothing that anyone gives a toss about anyway!

Land Speed records were big news until Campbell died....after that despite ever faster  (but non wheel driven) records, few really took notice.

The breaking of the sound barrier was a 10 minute wonder at huge cost. IMO the momey would be better spent on Cancer research (or similar), and also saving the risk of Andy Green being dissapated to molecules if it all goes wrong!  £25 million for Cancer research?, nowhere near enough to make any difference, the idea of breaking the sound barrier on the ground is just another milestone, it just shows how man has overcome the problems to achieve it, we still don’t have supersonic Airliners to replace Concorde, it still takes 26 hours to go to Australia but that I’m sure will be solved to,and, if we didn’t have these achievements the World would be a rather boring place to be, we have to have ambition...

Peter Cavellini.

289

15 October 2018

...clearly I am missing something here then Peter......please explain to me how this 25 million and possibly a new record furthers life on this planet?

It has no relevance to day to day transport and cannot be defended on any level on environmental grounds.

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