A1 GP to Follow Speedcar into Collapse?

The current economic crisis seems to have added some more victims to its toll in recent days. According to media reports in the Middle East, Asia and the UK, no less than 2 racing series are to collapse due to financial difficulties.

Stock car racing series Speedcar has been canceled after only two seasons of existence. The reason for this turn of events was official backer Union Properties withdrawing its financial support over the Middle East-based championship. The series' official site is no longer on air.

Added to Speedcar's collapse, another important racing series is about to be cancelled. We're talking about the A1 GP World Cup of Motorsport, whose official administrator A1 Grand Prix Operations Ltd went into liquidation last Wednesday.

“Like many other companies in today's difficult economic environment, we had cashflow problems and we haven't been able to pay them (the suppliers),” a spokesman for the aforementioned company was quoted as saying by the Telegraph.

Last week, the A1 GP CEO Tony Teixeira announced the official calendar for the upcoming season, confirming the presence of Australian venue Surfers Paradise following a 5-year deal signed with the Aussie officials. The former Champ Car circuit was to become the new season opener for the A1 GP series, scheduled to get under way on October 22.

An A1 GP spokesman is yet to give an official point of view on the future of the series.