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US F1 loses sponsor

ESPNF1 Staff
February 24, 2010 « US F1 staff member reveals team's problems | »
US F1 has lost one of its backers © Sutton Images
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The beleaguered US F1 outfit has taken another hit after one of its sponsors, Locstein, confirmed it had withdrawn its support.

Last week team principal Ken Anderson asked the FIA if US F1 could miss the first four races of the season, leading to escalating reports on the severity of the team's situation. It is well known to be behind schedule with the development of its car, and the loss of a major sponsor will do nothing to allay fears that it is facing severe financial problems too.

"As a matter of course, Locstein evaluates a variety of business opportunities around the globe, including sponsorship in Formula One racing." read a statement from the global financial services company. "Locstein did engage US F1 Team regarding sponsorship, but when it was apparent that the team was not able to participate in the entire 2010 season, Locstein elected to withdraw from further involvement with US F1. Locstein wishes the US F1 organization the best of luck in their endeavours."

The news comes amid rumours that YouTube's Chad Hurley, another major backer of the team, might be looking to take his funding elsewhere or help merge the team with Campos.

© ESPN Sports Media Ltd.

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