The A1 GP series, the self-styled 'World Cup of Motorsport', cancelled next week's Australian season-opener on Saturday due to problems stemming from its British operating arm going into liquidation. Series chairman Tony Teixeira denied however that his championship had reached the end of the road.
"A1GP may be down, but I do not accept we are out," he said in a statement. "We have had four exciting seasons that have proved we are a force in the sport and now we shall consolidate on what we have achieved to date. My efforts will be on finding a way forward with the support of some very loyal people."
The first race of the fifth season had been scheduled for Surfers Paradise from October 22-25 but the Ferrari-engined cars were unable to leave their British base due to the company's financial troubles. Teixeira said he was "devastated" by the "regrettable but unavoidable" decision and apologised to the Australian motorsport fans.
He said A1 would refund the sanctioning fee to Gold Coast Motor Events and donate 50,000 Australian dollars ($46,040) to a charity of their choosing. Contractors engaged by A1 who had already incurred expenses would also be reimbursed. A1 announced only last month that it had secured long-term funding after a financial restructuring and published a nine-event calendar.
The next scheduled race after Australia is China on November 15. The single-seater series, which pits national teams against each other in identical cars, had also reached a deal with IMG Sports Media to market its world-wide media rights for the next three years. A provisional 19 teams had been due to race in Australia.
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