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Britain's Bloodhound project chasing a 1600km/h (1000mph) world land speed record project planned for Verneukpan in the Northern Cape, has entered administration citing a shortage of funds. The vehicle run by previous record holder Richard Noble, was driven to 325km/h in a UK test by current holder Andy Green a year ago.

The project needs around R100 million to run the car at 800-1000km/h under jet power on its already-prepared 18km track in South Africa, around R300m to at 1250km/h break the existing record at 1250km/h and around R500m to reach 1600km/h.  

The Bloodhound team insists that despite the connotation attached to administration, this may well be its best means of survival. Administrators FRP Advisory recently saved the Force India Formula 1 team and describe Bloodhound as “a truly ground-breaking project that has built a global audience and helped inspire a new generation of science, technology, engineering and maths talent in the UK”.

“We wouldn’t choose to be in this position,” a Bloodhound official admitted. “But we’re greatly encouraged that the administrator recognises that we’re unique — they would not take us on if they weren’t confident of a good outcome, so hopefully the money will flow again and we can get back into action — we are ready to go.”