Bloodhound, the project that targets a 1000mph land speed record, has entered administration after a prolonged shortage of funds.
The mission was founded more than a decade ago by two land speed record holders, current holder Andy Green and his predecessor Richard Noble, but since testing Bloodhound SSC at just 200mph at Newquay Airport last year, money has been a problem.
Administrators have been called in to try to save the project from any terminal wounds. A team from FRP Advisory is said in an Autocar report to be trying to source investment from potential saviours the world over. Bloodhound has enjoyed massive exposure since its inception and it’s hoped that a new backer can be found.
The money involved is scary, though. Autocar quotes team insiders as saying that the project needs about £5 million just to get the jet-powered car to Bloodhound’s ready-prepared 11.1-mile track in South Africa and run at 500-600mph. The team would need to be rebuilt from just five to around 15 people.
To crack 800mph and set a new record, eclipsing the 763.035mph benchmark hit by Thrust SSC in 1997, Bloodhound needs something like £15 million. Finally, to reach that magic 1000mph mark and achieve a land speed record that would most likely remain unbeaten forever, the bill is estimated at £25 million with a staff of 40 or so.
Entering administration is said to have given the team “breathing space” to attract new cash. Joint administrator Andrew Sheridan had this to say:
“[Bloodhound SSC is] 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.”
“While not an insignificant amount, 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.
“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.”