US Formula 1 team put on ice

"Although 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," AAR's statement noted. "Some uncertainty in the future direction of Formula 1 racing does not help either.

"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.

"Judging from the response we received since the news of our plan filtered out during the US Grand Prix at Indianapolis, interest in such an endeavor is high among fans, corporations and the motor racing community in general. The vast majority seems to agree that it would be an enormous boost to open wheel racing in America. An American Formula 1 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," AAR's statement concluded. "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."