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USF1 Defunct – Cosworth Terminates Contract

by F1Fan on June 6, 2010

Cosworth recently announced that it has terminated its contract with USF1. While I have been unable to find any official announcement that USF1 has given up all hope of competing in Formula One at some future date, Cosworths press release seems to leave no doubt that USF1 is officially dead after having decided to liquidate all remaining assets.

Cosworth terminates USF1 contract 28/05/2010

Cosworth has today terminated its Formula One Engine Supply Agreement with USF1 following the team’s decision to liquidate its assets as notified by its announcement to creditors dated 19 May 2010.

Cosworth has taken this step with great regret as it had been supporting USF1 over the last few months with regards to a proposed entry for the 2011 season, but USF1’s decision has meant that Cosworth has no choice but to terminate.

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.

A sorry end to the great dream of an American Formula One Team. Unfortunately a combination of, mismanagement, lack of sponsorship and a complete underestimation of the costs involved in building a Formula One car from the ground up conspired to kill USF1 before even a wheel turned, leaving a long list of creditors shattered careers and disgruntled Fans.

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