- 2011 Season
Discredited US F1 reaches the end of the road
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US F1 closes shop
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Demise of US F1 no surprise
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US F1 still has 2011 hopes
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- US F1
The US F1 outfit will not launch a renewed bid to debut in Formula One in 2011.
The American team failed to be ready for its 2010 debut, but principals Ken Anderson and Peter Windsor continued to not ruled out trying to secure the final 13th berth on next year's grid despite reports the operation was being asset stripped.
The end of the dream - some might say nightmare - emerged by way of a statement issued by engine supplier Cosworth, who said its contract with US F1 has been terminated. It said it has taken the action "following the (US F1) team's decision to liquidate its assets as notified by its announcement to creditors dated 19 May 2010".
Cosworth said it had continued to support the team "over the last few months" in preparation for "a proposed entry for the 2011 season".
"Cosworth is a significant creditor of US F1, and will therefore join the other creditors of the team in seeking settlement of outstanding debts from the managed disposal of the remaining assets of the team."
The news brings an end to a story which started out full of promise but which ultimately foundered on a lack of financing and experience.
© ESPN Sports Media Ltd.
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