By alley - Nov 7, 2014, 11:15 AM ET

F1: Caterham launches crowdfunding plan

Caterham's administrators have launched a last-ditch bid to secure a return to the Formula 1 grid through a crowdfunding project. With the team having

failed to find a buyer to secure its future so far, its administrators have lined up a project to secure the money needed to take part at the season finale.

A

website has been set up where fans can pledge their support

- either through a donation or through buying items like team clothing, or front wings. The team hopes to raise $3.72 million by November 14, so it can be ready to race.

Finbarr O'Connell, who is Caterham's administrator and interim team principal, said: "We are working non-stop to get the Caterham F1 team back racing, initially in Abu Dhabi, but hopefully that will be just a stepping stone to get it back racing on a permanent basis, under new ownership.

"In order to achieve that, one of our most useful, innovative and effective options right now is crowdfunding. We want to get as many sponsors and fans as possible involved this week and make our comeback something we can all be part of.

"This team deserves a future and I'm sure that there are plenty of fans and companies out there that agree with us, so I can't think of a better way to get us all together and show our support to the team than this one, the Caterham F1 team #RefuelCaterhamF1 project."

If the target is not reached, then any pledged funds will be returned.

Originally on Autosport.com