USF1 has officially shuttered operations in Charlotte, NC. That's according to the Charlotte Business Journal, which notes that Ken Anderson, president of the team, sent employees an email yesterday pointing to financial woes as the straw that broke the doomed camel's back. Anderson's pet racing project was supposed to jump into the Formula One fray at the Bahain Grand Prix on March 14, but couldn't quite get its act together in time. Rumors of a shut down have been dogging the USF1 team nearly as long as it's been around, and this time, it looks like the naysayers were right.

Even worse, a handful of former USF1 employees have filed complaints with the North Carolina Department of Labor over missing paychecks. While Anderson's email said that employees could be called back at some point in the future, it looks like it's lights out for good from here.

[Source: Charlotte Business Journal]