US F1's tub sells for just £5k

The assets of defunct Formula One team US F1 have been auctioned off.

The US F1 team secured a slot on the 2010 grid, but failed to raise the necessary sponsorship.

Despite insisting it would race until the eve of this season, it appears to have had few assets to sell off. The main item of interest to race fans was a carbonfibre tub (pictured), which raised just $7850 (£5260).

Other items sold were more mundane. The 427 lots included items such as rubbish bins, desktop computers, laptops, sofas, a vacuum cleaner and a single bottle of champage.

In total the sale, which also included some heavy machinery, raised $1.4 million (£950,000) which will be used to pay off some of the team's extensive debts.