Sounds like someone didn't read the guidelines for this. Raising the $185k is peanuts compared to what else you need. Over the 6+ months you have to prove to IC

Sounds like someone didn't read the guidelines for this. Raising the $185k is peanuts compared to what else you need. Over the 6+ months you have to prove to ICANN that you have the technical and financial ability to run a registrar which will be able to handle the number of customers you expect. No group of donators will be able to do this without the support of a major company.