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Chad Stapleton
Joined: 19 Jul 2001 Posts: 4403
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Posted: Mon Mar 22, 2010 2:40 pm Post subject: |
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| Bob Baldwin jr wrote: | PONZI SCHEME what a nasty word.......
.......,I have NO proof but what else are we to sumise . |
Well you could surmise that some of the big note sponsors who had originally agreed to support the team, got cold feet and pulled out when it came to to the call ...for whatever reason. Hurley was never planned as the main sponsor ($20m doesnt buy much in that game), he was just "seed" capital to get the ball rolling . The BIG $$$'s never really materialised.
Remember USF1 "business plan" was put together prior to the GFC, when sponsors and advertising budgets were plentiful. By the time USF1 actually needed the funds, it was a whole different financial world. ( and also the FIA had backed away from the $40m spending cap !)
A more financial savvy management might have seen the storm brewing early on and firmed up the $$ commitments , found alternate funding , or pulled the plug earlier. But it seems Wndsor & Anderson crossed their fingers and tried to "wing it" .... hoping a white knight would jump in at the last minute.
Any other time ..12 months earlier or maybe later,.. they may well have pulled it off with less nervous sponsors and a settled financial climate, but this year was a tough time to find a spare $100m to play with. _________________ Chad
"Those of you who think you know everything are annoying to those of us who do !!" |
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Lance Zabrowski
Joined: 07 Aug 2009 Posts: 379 Location: United States, Wisconsin, Cedarburg
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Posted: Tue Mar 23, 2010 6:34 am Post subject: |
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| One of the big problems was that the original monocoque buck had omitted some important details, like there was not enough room for the steering column. Ken Anderson was a major problem, mainly regarding design approval, which led to delays in construction, he had to approve everything, and wanted to only build his design. USF1 had at one point pursued buying the Panasonic/Toyota design, but Ken refused to budge unless they built his car. Many of the employees have not been paid at this point either. The gearbox from EMCO was also a problem, mainly with financing, since it was a transverse design, and the first F1 unit made by them, I believe money was a major factor. No tranny=no car to run. Lopez was a pay to play driver, and only delivered $880,000 of the original 2 million promise leading to major issue with payments, and his was supposed to pay 8 million, so you can see how things came to a dead stop when he got in a pissing match with Windsor and KA when the request to start the season and miss the first few races were a "no-go" with Lopez's managment team, which was sketchy at best. There is so much more to the story that will eventually come out, but it is a classic example of "If you want to make a small fortune in F1, start with a large one" |
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Chad Stapleton
Joined: 19 Jul 2001 Posts: 4403
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Posted: Tue Mar 23, 2010 6:38 pm Post subject: |
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A reliable source "swears" this was found in the trash outside USF1's office.
 _________________ Chad
"Those of you who think you know everything are annoying to those of us who do !!" |
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