Aiming to set a new world record for land speed, the 1,000mph hopeful is in jeopardy without coming up with another $33 million.
The project began in 2007 and has resulted, so far, in the construction of a needle-nosed vehicle called the Bloodhound SSC that's been tested at speeds over 200 miles per hour in preparation for its record run.
Kimberley - The company behind the Bloodhound project to run a auto at over 1600km/h at the Hakskeen Pan in the Northern Cape has gone into administration.
FRP Advisory, the firm overseeing efforts to help Bloodhound Programme repay debts and sidestep insolvency, is talking to potential investors.
Bloodhound's driver is Wing Commander Andy Green, the current land-speed record-holder, and is expected to make its first desert run in South Africa next year, when it is targeting a speed of approximately 500mph.
It pointed out that to date the project had operated on a partnership and sponsorship model, with support from a variety of partners including Rolls Royce and Rolex as well as the Ministry of Defence, which lent prototype jet engines for the auto, and the Northern Cape provincial government, which has supported the creation of the track.
Bloodhound said its programme had been a catalyst for research and development, as well as helping interest schoolchildren worldwide in science and engineering, with an associated educational campaign reaching more than 2 million children.
"Bloodhound has had enormous success in creating the world's most advanced land vehicle", Chapman explained.
"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 ten months".
He said discussions were being held with a number of potential investors. An 11 mile long bed almost a mile wide has been cleared of loose stone for Bloodhound's testing.
Team insiders say the project would need around £5 million to run the vehicle at 500-600mph under jet power on its already-prepared 18km track in South Africa, around £15m to achieve 800mph and break the existing record, and around £25m to reach its ultimate goal of lifting the record to 1000mph.
"This is an opportunity for the right investor to leave a lasting legacy".