Warhurst, the owner and managing director of turbocharger company Melett, "will bring considerable expertise to bear" and will reveal his plans for Bloodhound in early 2019, according to joint administrator Andrew Sheridan.
"In the meantime, we would particularly like to thank the Ministry of Defence and Rolls Royce for their support and collaboration throughout this process, without which it would not have been possible for the project to be in a position to continue," Sheridan said in a statement.
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"I am delighted to have been able to safeguard the business and assets preventing the project breakup. I know how important it is to inspire young people about science, technology, engineering and maths, and I want to ensure BLOODHOUND can continue doing that into the future," Warhurst said in an emailed statement on Thursday.
"It's clear how much this unique British project means to people and I have been overwhelmed by the messages of thanks I have received in the last few days."
First published Dec. 17 at 7:42 a.m. PT. Updated Dec. 20 at 4:33 a.m. PT: Added statement from Ian Warhurst.