An British entrepreneur has saved the Bloodhound supersonic car project.

Things were looking bleak for the project the aims to hit 1,000 mph in a land vehicle after the Dec. 7 announcement that it failed to get the funding needed to finish development and testing.

However, the project announced Monday that Ian Warhurst of Yorkshire will buy the business "for an undisclosed amount."

Warhurst, the owner and managing director of turbocharger company Melett, "will bring considerable expertise to bear" and reveal his plans for Bloodhound in early 2019, according to joint administrator Andrew Sheridan.

"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," Sheridan said in a statement.

The team behind Bloodhound is trying to beat the 760 mph record set by the Thrust SSC in 1997 and to hit its own 200 mph target speed in 8 seconds, which it did in a test run in England in November 2017. A Eurojet EJ200 jet engine will launch the Bloodhound to 300 mph, then a rocket will push it to 1,000 mph.

Warhurst didn't immediately respond to a request for comment.

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