Locstein withdraws USF1 involvement

Locstein Group, a financial services firm, has withdrawn its support of the beleaguered USF1 project it announced today.

USF1 team principal Ken Anderson recently admitted the team has requested dispensation from the FIA to allow it to miss the first four rounds of the championship, prompting the announcement from Locstein.

“As a matter of course, Locstein evaluates a variety of business opportunities around the globe, including sponsorship in Formula One racing,” a statement read.

“Locstein did engage USF1 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 USF1.

“Locstein wishes the USF1 organisation the best of luck in their endeavours.”