USF1 liquidating assets, reveals Cosworth

USF1 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 the recently quiet principals Ken Anderson and Peter Windsor had reportedly not ruled out trying to secure the final 13th berth on next year’s grid.

The news emerged by way of a statement issued by engine supplier Cosworth, who said its contract with USF1 has been terminated.

Cosworth said it has taken the action “following the (USF1) team’s decision to liquidate its assets as notified by its announcement to creditors dated 19 May 2010″.

Cosworth said that until USF1 decided to liquidate, the British marque had supported the team “over the last few months” in preparing for “a proposed entry for the 2011 season”.

The statement added: “Cosworth is a significant creditor of USF1, 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.”

0 comments

Other articlesgo to homepage

	Police detonate suspected bomb in F1 paddock(0) Monaco’s party atmosphere late on Thursday was broken by the sound of an explosion. Bomb police cordoned off an area of the formula one paddock near the media centre after someone noticed a suspicious plastic package. Experts detonated it with a controlled explosion just before 10pm, the Press Associated reported. It also emerges that some

	Mansell in a sling after cycling smash(0) Nigel Mansell is F1′s one-handed FIA race steward this weekend at Monaco. The 1992 world champion walked into the Monte Carlo paddock with his arm in a sling. What happened? “Broken collarbone,” the former Ferrari, Williams and McLaren driver told Swiss newspaper Blick on Thursday. “I fell off my bike.” Mansell, 58, is an avid

	Finance police raid Monza(0) There is trouble afoot at Monza, the scene of the famous and historic Italian grand prix. On Tuesday morning, Italy’s finance police the Guardia di Finanza entered the Autodromo Nazionale to investigate seven people involved with the operation of the circuit. According to Il Giorno and La Repubblica, the Monza prosecutor suspects tax offenses, false

	CVC sells some of F1 stake(0) Even ahead of F1′s Singapore floatation, the sport has some new owners. Reuters, the specialist financial market news agency, said US-based asset managers Waddell and Reed, Blackrock and Norway’s Norges Bank have bought a $1.6 billion stake from existing owners CVC. The report cited a source “with direct knowledge of the matter”. The companies did

	Ecclestone: ‘Cheap’ F1 worth billions(0) Formula one is worth about $8 or $9 billion, as the sport’s owner CVC confirmed it has this week sold a 21 per cent stake to new investors. News of the sale coincided with the launch of pre-marketing ahead of one of the biggest ever sports floatations, data by the financial experts Thomson Reuters shows.