The A1 Grand Prix series has formally cancelled its season opening race in Australia, throwing into doubt the future of the whole series.
A1GP Chairman Tony Teixeira called it a "regrettable but unavoidable" decision, saying the series found itself in a race against time to meet the deadline set by race organizers to have the cars on track for the October 25th event.
"We were proud to be part of what has become one of the world's most iconic motorsport events, and are devastated at the decision we have had to make," said Teixeira. "We also know the Australian motorsport fans are very protective of this event and had welcomed us with open arms. To them I also apologize and stress that we wanted to put on a show for them that they would never forget."
Teixeria added that Gold Coast organizers will get a refund on their reported $1.8-million sanctioning fee, as well A1GP will donate $50,000 to a local charity.
Queensland Sports Minister Phil Reeves said he was "badly let down" by the series while event general manager Greg Hooton said he believes the series "is probably not going to race this year."
Financial problems in the offseason saw A1GP Operations Ltd go into liquidation, and the cars were impounded by a freight company seeking outstanding payments.
Teixeira added that despite the setback in Australia, he still plans to go ahead with a full season of racing.
"We have recently announced 19 teams who were ready to race in Australia.
"A1GP may be down, but I do not accept we are out. My efforts will be on finding a way forward with the support of some very loyal people.”
This was to have been the first year A1GP was to replace the IndyCar World Series event at Surfers Paradise. Instead, race organizers have reworked the weekend schedule to feature the popular V8 Supercars event over the course of the two days.