I just read this over at jalopnik.

Seems, Chad Hurley has pulled out backing.

Here is what they posted

According to a rumor published by a Spanish news outlet, US F1 won't make the first three races of 2010, forcing them to drop the entire season. Also, YouTube founder Chad Hurley's supposedly out as a financial backer. U-S-aww, crap.

The evidence suggesting the USF1 American-backed Formula One effort will succeed is now almost completely outweighed by evidence and chatter suggesting it's doomed, including YouTube founder Chad Hurley and business manager Brian Bonner reportedly walking away from the organization.

What makes us think USF1 could still be alive? They've yet to indicate the shop is closing. What do we have to indicate USF1 is folding?

* The last major announcement USF1 made was of the acquisition of driver Jose Maria Lopez, but that's still only one driver. They need two.
* They're the only team (other than the on-the-rocks Campos Meta) not to debut their car.
* Chad Hurley, YouTube founder and CEO, has possibly left the team in support of another struggling F1 effort. A source tells us he's also dropped a reference to USF1 from his Twitter bio.
* They don't have a test schedule and the first race is less than one month away.
* There's a rumor they won't make the first three races, which means they're out for this year.
* Brian Bonner, the head of business development for USF1, is reportedly no longer working there.
* The USF1 building is for sale, though they're just tenants there along with Robby Gordon Motorsports.