F1 News, Views and Reviews

USF1 Team On Verge Of Collapse

The American based USF1 team is allegedly on the verge of collapse, according to an article in the New York Times this morning.

An annoynymous insider from the team has told of how sponsorship money has not been paid, and how the company is going further and further into debt, and seemingly they are now as good as bankrupt.

The team cancelled its official crash test of the new chassis, due to happen this week and have not yet attended any tests.  Its Charlotte based factory is up for sale too, and their only signed driver – Jose Maria Lopez – is said to be looking for another drive, possibly with the Campos Meta team.

The insider told the newspaper: “The bottom line is really simple: sponsor money didn’t come through the way it was supposed to and it has grinded down the company to a halt. They’re having trouble making payroll, they’re having trouble paying suppliers and that’s the situation they find themselves in.”

The team were unavailable for comment, and YouTube founder and high stake backer Chad Hurley is said to be flying to Spain to close a major backing deal with Campos, in-conjunction with their new deal meaning they are likely to make the grid following Dallara’s announcement that the chassis is ready.

David Richards, who did not make the 2008 grid with his Prodrive team, and did not gain one of the spots on the grid when it was open to entries at the end of 2009 when Campos, Lotus, USF1 and Virgin were selected said that he was not surprised one of the teams folded, and that he would not be considering making a move for their spot.  Their spot is now likely to be filled by Stefan GP, the Serbian based team who have a car ready and are shipping parts to Bahrain.

We will keep you posted.


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