FRP Advisory, the firm overseeing efforts to help Bloodhound Programme repay debts and sidestep insolvency, is talking to potential investors. But the project may shut down within weeks if one isn't found, the BBC said.
Trackside for the Bloodhound rocket car's first speed run
Andrew Sheridan, a joint administrator at FRP, said Monday in a statement that the new financial plan "provides some breathing space" to amass the necessary funding.
"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," Mark Chapman, the project's chief engineer, said in the same statement. "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."
Neither Bloodhound Programme nor FRP immediately responded to requests for further comment.
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