Gurney's American F1 team on hold

Dan Gurney's plan to establish an all American Formula One team has been put on hold due to the economic climate and the uncertainty in the future of F1. Gurney's All American Racers released a statement Wednesday that read, "Despite a concentrated effort by a dedicated group of individuals, efforts to establish an American Formula One Team with Dan Gurney as the catalyst have not succeeded in the short term".

The release went on to say, "The deadline we set for ourselves which was dictated by the amount of time required by Ford Cosworth to put together their engine build and trackside support package, has not been met. We were not prepared to commit to a situation which was not properly funded for at least three years."

It remains to be seen weather Gurney will continue with the plan, and try to enter F1 in 2004.

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