US F1 is on the brink of collapse, having failed to raise the required funds to compete in this year’s Formula One championship.
The American team’s chances of making it onto the grid at Bahrain in two weeks' time have been questioned for several months, and the BBC claims that its chief backer, YouTube founder Chad Hurley, will switch his funding to fellow newcomer Campos Meta.
Hurley is US F1’s chief backer, but the team is believed to have underestimated how much funding was required on making it onto the grid.
US F1's co-founders, Ken Anderson and Peter Windsor, have yet to comment on the reports. The pair have already confirmed that the team has asked the FIA for permission to miss the first four races of the season, but this is unlikely to have been granted as it breaches the Concorde Agreement signed by US F1 and F1’s other 12 teams.
Argentine Jose Maria Lopez is the only driver signed by US F1 and he is set to follow Hurley to Campos to become Bruno Senna’s team-mate.
Campos team principal Colin Kolles has confirmed the team will make the grid in Bahrain, despite having not tested its car. F1’s other new teams, Lotus and Virgin, have completed extensive pre-season testing.