Motorsport fundraising crosses winning lineChris DruceChris Aylett, CEO of the Motorsport Industry Association (MIA), has hailed the group's £3m fundraising challenge a "great success".
The MIA originally had eight weeks to raise £3m from the electronics, aerospace, motorsport and defence sectors, which was then to be used for the benefit of the UK's high-performance engineering sector, while also promoting closer links between the various industries.
With support from 120 concerns and huge levels of cross-sector support, especially from companies within the electronics sector, Aylett said the amount raised had easily outstripped the original target and could possibly make double figures once finalised.
"It has been a great success and I'm very pleased," said Aylett. "Especially because it's clear that so many industries from outside our area wish to share in the success of British motorsport."
The DTI originally said it would release £3m of funding if the MIA could convince industry to put up an equal amount. There was also to be a further £3m, released over three years, from the Regional Development Agency.
However, due to the overwhelming success of the initiative, Aylett said the MIA had asked for a review of the figures in the hope of upping them. A decision on this is expected from the DTI later this month.
Following the DTI's announcement, various initiatives will be announced with the eventual aim of strengthening the high-tech engineering sector in the UK and creating high value jobs.