A British-led attempt to create the world’s first land vehicle capable of breaking the 1,000mph speed barrier has been scrapped.
Project Bloodhound was founded in 2007, with plans to race the car at a specially built track in the deserts of South Africa.
But, Bloodhound Programme, the firm behind the bid, went into administration in October.
FRP Advisory was called in when it became clear efforts to find an additional £25m to fund the record bid would fall short.
The company was aiming to break Andy Green’s existing 763mph land speed record, which he set 20 years ago in supersonic car Thrust SSC.
Early tests saw it easily reach 200mph at Cornwall Airport in Newquay.
The additional money would have been used to take the jet-powered vehicle to the next stage of its development, including trials at 500mph, 800mph and finally 1,000mph.
The project had a number of prominent sponsors, such as aircraft engine-maker Rolls-Royce, and Rolex who created custom-made instruments for Bloodhound's cockpit
Andrew Sheridan, joint administrator and partner at the FRP Advisory, said: "Since the company entered into administration we have worked tirelessly with the directors to identify a suitable individual or organisation who could take the project forward.
"Despite overwhelming public support, and engagement with a wide range of potential and credible investors, it has not been possible to secure a purchaser for the business and assets.
"We will now work with key stakeholders to return the third-party equipment and then sell the remaining assets of the company to maximise the return for creditors."
