The FIA have confirmed in a press release that USF1 have indicated they will not be in a position to participate in this year’s F1 season, and that it is not possible for a replacement team to be entered.

The press release read:

“The USF1 Team have indicated that they will not be in a position to participate in the 2010 FIA Formula One World Championship. Having considered the various options, the FIA confirms that it is not possible for a replacement team to be entered for the Championship at this late stage.

In the coming days the FIA will announce details of a new selection process to identify candidates to fill any vacancies existing at the start of the 2011 season.”

FIA