Cosworth has today terminated its Formula One Engine Supply Agreement with USF1 following the team’s decision to liquidate its assets as notified by its announcement to creditors dated 19 May 2010.
Cosworth has taken this step with great regret as it had been supporting USF1 over the last few months with regards to a proposed entry for the 2011 season, but USF1’s decision has meant that Cosworth has no choice but to terminate.
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.