American Formula One team USF1 is beset by financial problems and will struggle to make its planned debut in the 2010 season.

Sponsor money has not come in, and the team has been struggling to pay suppliers and staff, the New York Times has reported. USF1 has also still not built a race car.

The team founders admit that some sponsors have pulled out, but say they will be on the track for the first race in Bahrain. The New York Times reports.

“It’s always a struggle for new teams, any new business,” said Ken Anderson, co-founder along with Peter Windsor. Anderson is an engineer who has worked in both the US IndyCar Series and Formula One. “Yeah, a couple sponsors have let us down a little bit, but we’re on track.

Others, including F1 boss Bernie Ecclestone, are not so sure.“I don’t think we will see the Americans,” he said earlier this month in an interview with UK newspaper The Express.

Source: Sportbusiness.com