Plans to build a British jet-powered car to accelerate more than 1,000mph through the desert have hit quicksand after the company entered the government behind the Bloodhound project.
The dream of an ultrafast car breaking the land speed record led to the founding of Bloodhound Program Ltd in 2007, with the idea to engage even schools and students in engineering.
Bloodhound has already built and tested a viable racing car at speeds of 200mph, but the project is in debt and must find £ 25m or be in liquidation.
The administrators have turned to investors and compared their costs and probable legacy with the money spent on Formula One and other races. So far, Bloodhound has been supported by partners and sponsors, including Rolls-Royce and the UK Department of Defense, which has loaned prototype engines.
The North Cape Regional Government in South Africa has also helped create an 1
Bloodhound said his program had been a catalyst for R & D and supported students around the world in science and technology, with more education reaching more than 2 million children.
Andrew Sheridan, a joint administrator at FRP Advisory, said, "Bloodhound is a truly groundbreaking project, and getting into the administration offers some breathing space to identify an investor who has the guaranteed funding, drive, and expertise -how to advance the project. "
He said talks would be held with a number of potential investors. "The £ 25m Bloodhound does not have to be insignificant, but they have to break the country's speed record, which is a fraction of the cost of an F1 season or America's Cup team, for example is an opportunity for the right investor to leave a lasting legacy. "
Bloodhound Chief Engineer Mark Chapman said," With the right support, we have no doubt that the project can achieve its goals and drive around the plate in as little as 10 months. "
The proposed car is a combination of jet, F1 car and spaceship that would cover the length of four and a half football fields in a second.
In the Nevada Desert's current land speed record was reached in 1997 in a British-designed car, Thrust SSC, led by the same team behind Bloodhound, at 763 mph.