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Locstein confirms USF1 exit

Potential title sponsor Locstein AG has confirmed that it will not be a part of the USF1 programme.

As rumoured earlier this week, Swiss investment concern Locstein AG has decided to withdraw its backing for the ailing USF1 operation, potentially hammering another nail into the project's coffin.

The news was confirmed via a brief press statement from Locstein headquarters, and suggests that the company got cold feet waiting for developments from the Carolina-based F1 hopeful. Speculation had linked Locstein to a possible title sponsorship role, despite the presence of YouTube founder Chad Hurley as a major figure in the USF1 story, but may have been deterred from taking its involvement further by suggestions that Hurley was looking to take his investment elsewhere.

“As a matter of course, Locstein evaluates a variety of business opportunities around the globe, including sponsorship in F1 racing," the official statement confirmed, "Locstein did engage the USF1 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 USF1."

While diplomatically wishing 'the USF1 organisation the best of luck in their endeavours', it now remains to be seen whether Locstein does indeed opt to remain in pursuit of an F1 relationship, and whether it decides that that should be with an established outfit or another start-up, such as Campos Meta, which continues to be linked with Hurley.

Locstein apparently took the decision to quit USF1 before the team's head of business development Brian Bonner left, but now has its account handled by the American at B4 Marketing. Ironically, however, it could yet be working with elements of the USF1 operation, should speculation that Jose Maria Lopez's anticipated move to Campos Meta could yield a merger between the struggling F1 hopefuls - a move which would also free up a space for the ambitious Stefan GP outfit to join the grid [see story here].

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Commodore S - Unregistered

February 24, 2010 10:29 PM

@ Richard/the yank. My referral to the article does not change the circumstances that have unfolded with USF1. What it does depict is a lack of in-house rapport which is unacceptable. Without harmony no venture will succeed in a partnership. One and/or both people in this partnership appear to have been blindfolded as to progression and position of the team. My comment was not posted with an optimistic view. In fact the absolute reverse. The venture can not exist without rapport or harmony.Windsor and Anderson appear to have differing views overall,based on the article. To me this explains a lot however does not curtail their responsibility. Regards.

Elliot - Unregistered

February 27, 2010 10:16 AM

Heard that USF1 have confirmed the Locstein partnership to the NYT. They have some serious problems now! The above comment made me laugh, what large investment firm dosent have investors chasing them these days!! check out goldmansachs666.com :) Locstein 4 Sauber !!!

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