A British entrepreneur has bought the business and assets for the Bloodhound supersonic car project which aimed to hit speeds of 1,000mph.
Bloodhound Programme Ltd, the firm behind the initiative to break the land speed world record, went into administration in October.
Ten days ago, administrators said that efforts to secure an investor had failed and the project would be scrapped.
But on Monday, they announced that Yorkshire-based entrepreneur Ian Warhurst had bought the business and assets for an undisclosed sum.
Andrew Sheridan, joint administrator and partner at FRP Advisory LLP, said: “We have been overwhelmed by the passion that clearly exists for Bloodhound and are thrilled that we have been able to secure a buyer who is able to give this inspiring project a future.
“Ian has a strong background in managing highly successful businesses in the automotive engineering sector and he will bring considerable expertise to bear in taking the project forward.
“He will be outlining his plans for the project in detail early in the New Year.
“In the meantime, we would particularly like to thank the Ministry of Defence and Rolls-Royce for their support and collaboration throughout this process, without which it would not have been possible for the project to be in a position to continue.”
The administrators said they were contacted by a number of interested parties following the announcement that the project would be scrapped.
Project Bloodhound was founded in 2007, with plans to race the car at a specially-built track in the deserts of South Africa.
The team was seeking £25 million in investment to provide guaranteed funding and see the project to completion.
Over 11 years, Bloodhound operated on a partnership and sponsorship model with support from companies including Rolls-Royce and Rolex.
The Ministry of Defence lent prototype jet engines for the car, while the Northern Cape Provincial Government in South Africa supported the creation of the track.
Members of the public also donated to support the car’s development and a global education programme, which reached more than two million children.
At 1,000mph, the supersonic car will cover a mile in 3.6 seconds.
The world land speed record of 763mph is held by Thrust SSC, led by Bloodhound’s project director Richard Noble and driver Andy Green.