USF1 forfeits entry fee, barred from F1 forever (GMM) Defunct USF1 has been fined EUR 309,000 and barred from ever competing in formula one.
The American outfit, headed by principals Ken Anderson and journalist Peter Windsor, was granted an entry for the 2010 season but failed to appear.
USF1 has since liquidated its assets, and the sport's governing body joined the list of creditors with a decision made public on Thursday.
A fine "equivalent to the entry fees for the championship" has been imposed, while USF1 is "definitely" excluded from "any competition" for breaching the sporting regulations and the international sporting code.
In a detailed verdict, the FIA said that because USF1 has no "current financial liquidity", the fine is effectively the forfeiture of the fee already paid.
But USF1 has also been ordered to pay "the costs incurred by the FIA within the context of this disciplinary procedure".
The FIA revealed that, during the hearing, USF1 claimed that due to "many negative press comments", the team's "sponsorship climate deteriorated after last Christmas.
Bernie Ecclestone's statement in September last year that "possible USF1 are a doubt" was submitted as evidence, but the FIA retorted that USF1 could have countered the statement had the team's "funding, sponsorship and construction processes been on target".
USF1 even argued that negative media coverage amounted to 'force majeure', but the FIA procedure ruled there was "no evidence" of that.