There are reports from multiple sources that the US F1 team has shut up shop. There has been no hope of getting a car to Bahrain for some weeks but the team principals have been unwilling to admit defeat. It remains to be seen whether or not the team’s shareholder will agree to sell the entry to Serbia’s Stefan GP but that is the only way that they are going to get any value out of the now-defunct team. If the team is declared insolvent it automatically loses its entry rights, so if a deal is to be struck it needs to be done now. The FIA is thought unlikely to agree to allow Stefan GP to enter the World Championship without buying the USF1 entry.
The news is a setback for Formula 1, which is keen to try to break into the US market, but at the same time the team was so lacking in credibility since the turn of the year that it is not unexpected news. What is slightly worrying is that our sources tell us that there were people willing to buy into the operation and save the day, but the existing shareholders were unwilling to give up control.
Whatever the case, the F1 dream in North Carolina is over.