Bloodhound’s 1,000mph supersonic land speed record stopped in its tracks as British project goes bust
Project managers are hoping for £25million worth of funding to get out of administration and continue working on the record attempt
BRITAIN'S hopes of breaking the world land speed record have been thwarted as Project Bloodhound has gone into administration.
The 13.4-metre long car hoped to go supersonic by travelling at over 1,000mph at a specially-built track in South Africa.
The company is now seeking £25million worth of funding to revive the project, having already received backing from the likes of Rolls-Royce, Rolex and the UK's Ministry of Defence.
It aims to be back on track in 10 months' time should it secure sufficient investment.
Piloted by current record holder Andy Green, the 135,000-horsepower Bloodhound SSC has already run tests at over 200mph at Newquay Airport in Cornwall.
In 1997, Green hit 763mph in the Nevada desert with Thrust SSC - supported by the same team from Bloodhound.
At top speed, Bloodhound can cover a mile in 3.6 seconds, which is equivalent to travelling 300 metres in a blink of an eye.
Andrew Sheridan, joint administrator, said: "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.
"Whilst not an insignificant amount, the £25million 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."
Mark Chapman, Bloodhound Chief Engineer, added: "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."