Things go from bad to worse for USF1

The future of US F1 is in further doubt following the withdrawal of a major potential sponsor.

The North Carolina-based outfit has already asked motor sport's world governing body, the FIA, about the possibility of missing the opening four races given their financial difficulties.

A lack of sponsorship money has resulted in work grinding to a halt, delays in last month's payroll and several members of the workforce quitting, leaving just 60 on hand.

To rub salt into their wounds, Geneva-based financial services group Locstein has announced it will not pursue a deal with the team in light of their current problems.

A statement read: "As a matter of course, Locstein evaluates a variety of business opportunities around the globe, including sponsorship in Formula One racing.

"Locstein did engage US F1 Team regarding sponsorship, but when it was apparent the team was not able to participate in the entire 2010 season, Locstein elected to withdraw from further involvement with US F1."

The news will serve as a bitter blow to US F1, whose key investor, YouTube co-founder Chad Hurley, was involved in talks on Tuesday with another of the new teams, Spanish marque Campos Meta.

Campos was last week the subject of an internal takeover by partner and president Jose Ramon Carabante, although Bernie Ecclestone is understood to have played a key role in their salvation.

Doubts, though, remain as to whether they will make the grid for the opening grand prix of the new season in 18 days' time in Bahrain as they are still searching for funds.

Things go from bad to worse for USF1 - Planet-F1 News from planet-f1.com

big deal sorry for the employees but i won't miss them.. at least not the way they are now