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USF1 May Not Be The Only US backed F1 Team

by F1Fan on November 26, 2009

Over the last several weeks several reports have emerged that the Qadbak investment in the Sauber Formula 1 team could fall apart, with many questions being raised about the viability of Qadbak, the secretive investment group that agreed to purchase the team from BMW.

Swiss newspaper Sonntagszeitung has recently reported that Qadbak far from being a financing company backed by several wealthy, reclusive Middle Eastern families, is in fact a front for Russell King, a Brit now operating out of Dubai who is a convicted fraudster. The report further claims King planned to tap into the commercial rights revenue that BMW Sauber earned for finishing sixth in the constructors’ title chase in the 2009 F1 World Championship.

Apparently King was sentenced to two years in prison for an insurance scam in 1991 after faking the theft of a £600,000 Aston Martin that he owned in an attempt to claim the insurance money to boost his ailing business. More recently King is reported to have had $3m of assets frozen by courts in Jersey as a result of an investigation into a company called Belgravia, which ran into trouble in 2008.

It is extremely unlikely that BMW would have done any deals without first looking into the companies involved. However the timeline to close a deal for the type of money that it takes to run a F1 Team was extremely short, so who knows maybe BMW’s due diligence was somewhat limited. No doubt the fact that QADBAK wants to remain anonymous has done nothing but fuel the rumor mill.

How does this relate to USF1? Well the latest reports now suggest that if indeed the Qadbak deal disintegrates there may be a number of unnamed US investors who are willing to take over. So there is a chance however small, that we could see two US backed teams on the grid in 2010 and one of them could be extremely competitive right from the start.

Keep your fingers crossed, I say the more the merrier.

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