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The company behind Bloodhound has gone into administration

The team is seeking £25 million investment to see the project to completion. Photo:

The company behind the Bloodhound supersonic car has entered administration.

Bloodhound Programme Ltd, the firm behind the initiative to break the land speed world record, went into administration on Monday.

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 is seeking £25 million investment to provide guaranteed funding and see the project to completion.

Bloodhound has already reached 200mph during tests at Newquay Airport in Cornwall last year

Over the past 11 years, the project has operated on a partnership and sponsorship model with support from companies including Rolls-Royce and Rolex.

Members of the public have donated to support the car's development and a global education programme, which has reached more than two million children.

Bloodhound has already reached 200mph during tests at Newquay Airport in Cornwall last year.