FIA punish failed F1 team
USF1, the now defunct Formula One team that was supposed to make its debut this season, has received a fine and a lifetime ban by Formula One's governing body.
The FIA has imposed a fine of 309,000 Euros (£255,000) on USF1 for contravening the International Sporting Code, the sporting regulations of the 2010 Formula One world championship and the obligations resulting from its entry in the championship.
Furthermore, the American outfit is banned from competing in any Formula One event ever again.
USF1 were one of four new teams due to join Formula One for the 2010 season.
However, just three weeks prior to the season-opening Bahrain Grand Prix, the team pulled out because of financial difficulties.
Posted by Samuel Ball
In their findings, the FIA concluded that US F1 "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".
This weekend sees the 2010 Formula One season head to Valencia for the European Grand Prix.
