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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

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Lotus F1 racer - Click above for high-res image gallery

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At least for now, disaster seems to have been averted as all ten teams currently taking part in the 2009 Formula 1 championship have signed conditional agreements to take part in the series in 2010. These reportedly hinge on the Formula One Teams Association's ability to reach a mutually-agreeable compromise to the contentious budget cap negotiations currently taking place between the FIA and the teams themselves.

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Yesterday, we brought you news that Toyota could quit Formula One if FIA president Max Mosley's proposal for a two-tiered budget system is put in place. But the Japanese team based in Germany – currently enjoying its best season so far – isn't the only one making noise. Ferrari has hinted it could jump ship and put its energy into Le Mans, instead. Mercedes-Benz has said it could cancel its F1 program, and BMW has reportedly done the same. Now, three more teams are joining the call f

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