Locstein Confirm Quit from US F1 Partnership
Just as we've mentioned to you in our earlier report yesterday, it seems the leading global financial services firm was in pole position for securing the major financing package for the Charlotte based team until a couple of weeks ago. However, the lack of performance showed by the US organization in their preparation for the 2010 campaign has made Locstein look elsewhere for a sponsorship opportunity.
“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,” said a statement from Locstein.
“Locstein wishes the USF1 organization the best of luck in their endeavors,” added the Swiss group, who specializes in financial service and advisory products for consumers and businesses, asset and wealth management, and private equity.
Locstein's withdrawal from their potential deal with US F1 did not happen independently, but followed by the team's head of business operations Brian Bonner also leaving the outfit. It also marked the beginning of US F1's financial turmoil, as it left the team without a solid sponsorship for the 2010 season.
comments written so far
On 24th Feb you ran a story about Locstein no longer sponsoring the US F1 team. This was a sham story from start to finish. Locstein has no authorisation, it is a one / two man band running out of Spain. This is one of the guys behind Locstein who claims to be a founding partner.
He is nothing more than a con artist. Did the US F1 team not do any due dilligence?