An Argentinean media outlet is reporting that the U.S. F1 team has ground to a halt, and that its only named driver, José María López, is trying desperately to find an alternate seat for this season.
Allegedly "with tears in his eyes," U.S. F1 boss Peter Windsor told López, the driver's father and his close associate, F1 TV producer Felipe McGough, that the team will miss the first three races of the season and most likely the whole championship.
The Argentine government was among López's backers and reportedly had paid the team nearly $900,000 of a promised $2 million.
López reportedly has headed for Europe to try to find another seat. The only one still vacant is that at Campos Meta F1, but that team's own future remains under question, despite ongoing negotiations with several potential saviors.
There could also be a possibility at Stefan GP alongside Kazuki Nakajima. The team does not have an entry for its Toyota-built cars, but there remains the chance that Bernie Ecclestone could negotiate a deal that sees the Serbian team in effect take over the U.S. F1 or Campos entry and associated paperwork.
Rumors are also circulating that YouTube founder Chad Hurley has backed out of U.S. F1 because of its lack of progress. He has been linked with Campos, but sources suggest that he may be more likely to take his funding to an established team.