Lopez manager admits Campos talks

With uncertainty surrounding US F1's plans, the American team's already-signed driver Lopez has been linked to a switch to Campos. McGough confirmed that Carabante, who took sole control of Campos last week, and entrepreneur Hurley were trying to find a solution for Lopez.

"The two groups that talked today will do everything possible so that 'Pechito' can be in Formula 1," McGough told Argentina's Diario Hoy.

"Both Chad Hurley and Jose Carabante talked for several hours to find a solution for the budget issues both teams have. For us this merger is very important as it works in favour of Lopez racing this year.

"We have been doing everything possible and we haven't taken any false steps. The financial difficulties, and the trust we had put after the recognition from the FIA have made things complicated and we must accept that [US F1's] cars will not be ready for Bahrain.

"Right now things are in the hands of the two investing groups. They have the final word. We have hopeful we will reach a resolution to come back to Argentina with good news about Lopez."

Financial services group Locstein, which had been in talks with US F1 about a sponsorship deal, has also announced that it will not pursue a relationship with the team due to its current difficulties.

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

"Locstein did engage US F1 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 US F1.

"Locstein wishes the US F1 organisation the best of luck in their endeavours."