Initial reports suggested that Charlotte based USF1 was closing its doors, unable to secure funding for the 2010 Formula One season. Rumor had it that YouTube founder, Chad Hurley had pulled the plug and that USF1, without its biggest sponsor, was going under.

Now however, Autosport is reporting that USF1, having thrown in the towel for the 2010 season, is looking to field an entry for the 2011 season. USF1 team principal, Ken Anderson, who according to reports told his team to stop work on their car just a few days ago, is hoping the FIA will hold their entry until 2011... [read more]

Anderson told Autosport: "We have applied to the FIA to hold our entry until 2011. It was supposed to be confidential, so I could not really comment on it. It seems to have leaked out though."

"We are waiting for a reply from the FIA and are working with them. In the mean time, there is nothing for the employees to do, so we have told them to stop working on the current car until we have a decision."

While USF1 awaits a decision, it is uncertain whether the FIA will hand an entry to Serbian based Stefan GP, or just choose to open applications for the 2011 championship instead.

As of right now only 12 teams are set to compete in the 2010 championship.

Editorial: Justin W. Coffey
Image and Info: Autosport

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