I hear from Charlotte that the principal players of the USF1 operation met on Friday for a strategy meeting to discuss what to do about the options available for the future. The car is not finished. There is not enough time nor money to get it done and Chad Hurley, of Youtube fame, has apparently decided not to put any more money into the operation. There is no additional money coming from any other sources at the moment and while the principals continue to dream that money will turn up at the last moment and save the day, this is increasingly unlikely as other bids aimed at saving the situation have been deemed unacceptable. I do not know any details about the offers that have been made but apparently they were not good enough.
This does not really change the future. There are still staff members in Charlotte but it seems that they are simply waiting until the end of the month to see if they will be paid. After that it looks like the whole operation is going to break up. The obvious course of action now is for Hurley and the partners to agree to a deal by which the entry is sold to Stefan GP. If Hurley is to get any thing back from his sizeable investment in the team, he will need to ask for equity in Stefan, which is a sensible goal given that Stefan goes nowhere without an entry and there is no reason why the FIA will issue a new entry at this stage of the game. It would create a very bad precedent for the future.
Thus we expect to see any negotiations in the coming days centred on transferring the entry, and perhaps Jose Maria Lopez’s contract (if it is deemed to still be valid) to Stefan GP. The Serbian team would enter the sport with the USF1 name, but this could be changed by a meeting for the Formula 1 Commission after a few weeks. That all depends on whether a deal is possible. If it is not then both teams will flop. Such a thing would be illogical, but if there is pride involved anything can happen.