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Team US F1 has now closed down following its failure to make the grid this season, according to reports emerging out of the United States.

The Charlotte Business Journal quoted an email sent from team boss Ken Anderson telling staff that they were being permanently laid off due to what he described as 'serious economic and funding challenges.'

Staff had been put on unpaid leave shortly before the start of the season when it became clear that US F1 was not going to be able to get a car ready for the 2010 campaign.

The newspaper said that Anderson told staff that if the team suddenly found fresh investment and was resurrected then they could be re-hired - although such a situation appears unlikely.

The closure of US F1 brings an end to the dream of Anderson and sporting director Peter Windsor of getting an American team into F1. The Charlotte-based team had received investment from YouTube co-founder Chad Hurley but claimed its situation went downhill when a potential sponsor withdrew in January.

Anderson has been unavailable for comment to confirm that the team was now officially shut down.