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The Middle East and Asia-based Speedcar Series has collapsed following just two seasons, it has been announced - after a rescue deal spearheaded by new boss Claudio Berro failed to save it from financial meltdown.

Preparations for the inaugural Abu Dhabi Grand Prix in November have been 'helped' by the current global credit crunch, it has been claimed - but the same cannot be said for the construction of the new, official F1-X motorsport theme park in neighbouring Dubai.

Plans to construct a Formula One theme park as part of a massive motorsport-orientated development in Dubai have been put on hold as the global economic crisis reaches the Middle East.