'USF1 on the verge of quitting F1'

Thursday 18-February-2010 08:15

The USF1 team is reportedly on the verge of quitting Formula One - and before they had even started.

Rumours of USF1's pending demise have made headlines for the past few months with F1 supremo Bernie Ecclestone often stating that he believes they won't make the 2010 grid.

The situation became dire this week when reports claimed that YouTube founder Chad Hurley has backed out of his sponsorship deal, with the lack of progress from the team believed to be the reason.

"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," an unnamed source told The New York Times.

"They're having trouble making payroll, they're having trouble paying suppliers and that's the situation they find themselves in."

And that lack of funds has, reportedly, brought USF1's dream of competing to a halt.

According to an Argentine media outlet, USF1 boss Peter Windsor has told their only driver, Argentina's José María López, that his services are no longer required as they won't be competing this season.

The report claims that "with tears in his eyes", Windsor informed Lopez, his father and a close associate that the team will most likely miss this year's Championship.

The team has yet to comment on the reports.

© 2014 - 365 Media Group

Any reproduction, publication or redistribution of this material without the written agreement of 365 Media Group is strictly forbidden.