Locstein withdraws sponsorship of USF1

The Locstein Group, one of the primary sponsors of the much doubted US F1 team has officially confirmed that it is to withdraw any further involvement in the new American Formula One team. It is believed that the group is still interesting in sealing a deal with another team.

A statement issued by the global financial services firm, reads:

"As a matter of course, Locstein evaluates a variety of business opportunities around the globe, including sponsorship in Formula 1 racing."

"Locstein did engage 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."

"Locstein wishes the USF1 organization the best of luck in their endeavors."

The US F1 Team has reportedly asked to be allowed not to compete in the first 4 races of the 2010 championship, a request that saw Charlie Whiting fly over to the team's headquarters in California to check how far they have come with their preparations.