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Locstein confirms end to US F1 deal

NEWS STORY
24/02/2010

The Locstein Group, which was said to be one of the primary sponsors of the beleaguered US F1 team has officially confirmed that it has chosen to withdraw from further involvement in the American team.

A statement issued by the global financial services firm, which is based in Geneva but has offices in London and Washington, reads:

"As a matter of course, Locstein evaluates a variety of business opportunities around the globe, including sponsorship in Formula 1 racing.

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 organization the best of luck in their endeavors."

Yesterday, Pitpass revealed that according to its sources, Locstein is still interested in getting involved in an F1 team and is currently looking for a possible partner in partnership with Brian Bonner, US F1's former head of business development.

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