Company Chasing Land Speed Record Runs Out of Money

The Bloodhound Programme entered into administration after falling short of the cash needed to reach its speed goals.

Project Bloodhound was founded in 2007 to break the land speed world record. But now, the only thing the project has broken is the bank.

On Monday, the Bloodhound Programme, the company behind the effort to hit speeds over 1,000 mph, entered into administration. When a company in the U.K. goes into administration, the keys to the company are turned over to a court-appointed administrator, whose primary goal is to leverage the company's assets and business to repay creditors as quickly and as fully as possible without preference.

The Bloodhound is a combination of a F1 car, a jet, and a spaceship that has so far reached 200 mph. According to the company, it needs about $33 million to see the project through to that 1,000 mph goal.

Project Bloodhound is more than a couple of guys in the desert trying to go fast. According to the company, the project has reached more than 2 million children as part of a joint STEM education campaign.

The prototype is powered by a donated Rolls Royce EJ200 jet engine and runs on an 11-mile test track in South Africa.

In a statement, Andrew Sheridan, one of the joint administrators charged with the project's fate, said that “this is an opportunity for the right investor to leave a lasting legacy.” Sheridan says they already have a number of potential investors, but he still encourages any other interested parties to reach out “without delay.”

Mark Chapman, chief engineer of Project Bloodhound, says that they have created “the world’s most advanced land vehicle,” but need a different approach to funding.

So, if you have $33 million sitting around and you aspire to share a piece of the land speed record, you know who to call.

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