Gurney Puts on Hold All-American F1 Team

Plans to showcase an all-American Formula One team as early as next year have been put on hold indefinitely, Dan Gurney announced today in a statement.

"Efforts to establish an American Formula One Team have not succeeded in the short term," Gurney said. "Though the conditions to enter F1 at this particular moment in time are in some ways more favorable than in the recent past - grid spots, engine availability, purchase of existing teams and technology - other circumstances relating mostly to the economy and the availability of multi-year sponsorship look less promising than only a short while ago.

"Some uncertainty in the future direction of Formula One racing does not help either," Gurney continued. "The deadline we set for ourselves which was dictated by the amount of time required by Ford Cosworth to put together their engine build and trackside support package, has not been met. We were not prepared to commit to a situation which was not properly funded for at least three years."

Gurney said the idea, which he announced last month at Indianapolis during the United States Grand Prix, had drawn wide interest and support from fans and corporates alike. "The vast majority seems to agree that it would be an enormous boost to open wheel racing in America," Gurney said. "An American Formula One team would not only be a showcase for American sponsors but for new American technologies and untapped engineering capability as well.

"Just below the surface there is enormous pressure to see this happen. It has been a long time since the American public has had a home team to cheer for in Grand Prix racing, and for now, it appears they will have to wait a little longer."