Peter Windsor's F1 dreams have been dashed.

The dream of a US-based team competing in Formula One this year is dead – at least for now. USA Today reports that USF1, the team started by former television reporter Peter Windsor and Ken Anderson and funded by YouTube founder Chad Hurley, is definitely not competing in the sport this season.
The team had asked that its spot on the starting grid be deferred until 2011. However, the New York Times reports that the FIA has denied this request, partially because the team waited until two weeks before the season-opening race to pull out for the season. Stefan GP had lobbied to take USF1’s spot on the starting grid but were denied, leaving 12 teams to fill the field for the opening race at Bahrain on March 14, including three new teams.

Speed TV commentator Bob Varsha, a friend and former colleague of Windsor’s, said that the public shouldn’t count out USF1 despite their obvious problems.

“They’ve built a tremendous manufacturing capability. They’ve just run out of time,” said Varsha, who added the team likely underestimated the F1 approval process and the logistics of a start-up team. “If they get another chance, they would run their business differently. They need organizational expertise. That might be missing at USF1.”

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