The World Motor Sport Council of the FIA today delivered the final blow to the USF1 team by finding them guilty of financial mismanagement. The USF1 team was one of the four teams to have been granted a license for the 2010 formula one season but after much anticipation they failed to participate in the season opener at Bahrain.

As a result of non-participation, they have been fined 309,000 Euros an equivalent of 255,000 Pounds. This is basically the amount they had deposited with the FIA as entry fee. This fee will now not be refunded and will be retained by the FIA.

Apart from the fine the USF1 team is disqualified from the formula one races and other FIA events in the form of sanctions imposed on them. The order listed Ken Anderson and Chad Hurley as the owners of the team.

Separate parts of the decision by FIA read :

“It was wholly unacceptable that the FIA was presented with only three weeks warning of the total non-appearance of the team at the Grand Prix in Bahrain and for the 2010 season, and WMSC members had real concerns about the impact on the championship, not least the deprivation of the opportunity for another team to have provided two cars to run in the championship in 2010 instead of US F1.”

“USF1 had displayed poor financial management and had underestimated the requirement to present an F1 car for the 2010 season in the time and with the financial resources available to them.”