Buyer saves 1,000 mph car project from bankruptcy

Someone just bought a 1,000 mph car. Now he just has to get it running.

Auto parts entrepreneur Ian Warhurst has come to the rescue of the British Bloodhound SSC project, which declared bankruptcy in October after failing to come up with the $33 million it needed to make a land speed record attempt in the streamliner it’s been working on for over a decade.

The high-profile team has been working with industry and government partners to develop the jet- and rocket-powered car with the aim of blowing away the current record of 763 mph with a 1,000 mph run across a dry lake in South Africa.

The track has already been cleared and a test run targeting 600 mph was scheduled for next year when the funds ran out and the project's assets were put up for sale, with the car itself priced at just $313,000, according to its driver Andy Green, who set the current speed mark in 1997.

Warthurst is an engineer by profession and currently runs turbocharger outfit Melitt. The amount paid to acquire the assets of the Bloodhound SSC project was not revealed, but he says he’s ready to do what it takes to reach its goal as a matter of pride.

"I have been overwhelmed by the level of interest and messages of goodwill following the news that I have bought Bloodhound. It’s clear how much this unique British project means to people," Warthurst.

The Bloodhound SSC reached 200 mph on an airport runway in the U.K. last year. A timetable for its next run has not yet been announced.