Bernie Ecclestone has dismissed Caterham's plan to raise money via crowd funding as a "disaster" and hinted that teams in poor financial health should think about leaving Formula 1.
The Leafield-based constructor, which went into administration last week, announced the scheme on Friday with the aim of raising £2.35m in order to race in Abu Dhabi later this month.
However, Ecclestone has criticised the idea and believes that constructors should only spend what they can afford to compete in F1.
He told reporters: "I think it's a disaster. We don't want begging bowls. If people can't afford to be in Formula 1, they have to find something else to do.
"When I had a race team a few years ago, in fact a few hundred years ago, I used to run the team according to how much money we could spend and we won the world championship.
"That's what they don't do. They don't seem to understand that somebody is going to be last."
Caterham have failed to score a point in the constructors' championship since they began life under the Team Lotus name in 2009.
Chris O'Keefe
