Charlotte’s future Formula One race team loses traction, closes shop

Posted on 2 Apr 2010 by Justin Ruckman

A Charlotte-based Formula One race team has ceased operations.

USF1 was scheduled to make its debut at the Bahrain Grand Prix, the season-opening race held March 14. But the shop sent its employees home and went dark in early March.

Ken Anderson, president and chief executive of the team, e-mailed employees today with a permanent layoff notice, citing “serious economic and funding challenges.”

Read more by Michael Smith at the Charlotte Business Journal.