More bad news for US F1 as sponsor pulls out 25/02/2010 |
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New Formula 1 team US F1 has suffered another blow with the news that the financial services group being lined up as its main sponsor has pulled out.
Geneva-based Locstein took the decision after the team asked the FIA about missing the first four races of the new season.
A statement read: "As a matter of course, Locstein evaluates a variety of business opportunities around the globe, including sponsorship in Formula 1 racing.
"Locstein did engage US F1 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."
US F1 has been beset by problems and is struggling to make the 2010 season opener in Bahrain on March 14.
Doubts have also been raised about the participation of fellow newcomer Campos Meta and it has claimed that the two teams are considering a merger.
YouTube founder and US F1 backer Chad Hurley is believed to have held talks with Jose Carabante, who has just completed an internal takeover of Campos, about bringing the two struggling teams together.
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