USF1 will not launch a renewed bid to debut in formula one in 2011.
The American team failed to be ready for its 2010 debut, but the recently quiet principals Ken Anderson and Peter Windsor had reportedly not ruled out trying to secure the final 13th berth on next year’s grid.
The news emerged by way of a statement issued by engine supplier Cosworth, who said its contract with USF1 has been terminated.
Cosworth said it has taken the action “following the (USF1) team’s decision to liquidate its assets as notified by its announcement to creditors dated 19 May 2010”.
Cosworth said that until USF1 decided to liquidate, the British marque had supported the team “over the last few months” in preparing for “a proposed entry for the 2011 season”.
The statement added: “Cosworth is a significant creditor of USF1, and will therefore join the other creditors of the team in seeking settlement of outstanding debts from the managed disposal of the remaining assets of the team.”