Reports from America today claim that the USF1 team's F1 dreams are finally over, as they have officially shut down their motorsport operations, after failing to make the grid for the start of the 2010 season following major financial issues.
The American team, launched back in February 2009 amid excited claims of establishing an all-American team on the grid, but a series of financial blows saw the team have to sit out the 2010 season, despite having secured a grid slot for the season.
The team was planning to reapply for the vacant slot on the 2011 grid, but it now seems that operations have officially been wound up.
A story in the Charlotte Business Journal carries quotes from a USF1 company email sent by co-founder Ken Anderson, which informs the team's staff that they are being laid off for good because of "serious economic and funding challenges".
The remaining staff at the team have been on unpaid leave since the team's 2010 hopes collapsed.
Anderson says that the employees would be re-hired if the team found fresh sponsorship for 2010, but admits that this scenario is unlikely.
The USF1 team was always struggling for funds, with them signing Jose Maria Lopez as a pay driver for their planned 2010 assault to gain some extra money. The only other source of investment seemed to be from YouTube founder Chad Hurley.
Lopez is now thought to be pursuing action against the team to recover a downpayment made to the team to guarantee the seat with the team that never materialised.
No official quote from USF1 was forthcoming on the Charlotte Business Journal story. The team's website has not been updated since January and recently removed it's most up-to-date news article, which had been confirming the signing of Lopez.
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