The World Motor Sport Council today fined USF1 309,000 euros for failing to fulfill the conditions of their 2010 entry into Formula 1 and acting prejudicially to the interests of the Championship.
The team have also been banned from taking part in any FIA-sanctioned competition in the future, and will have to pay costs. The fine imposed is equal to the entry fee already paid to the FIA by the team.
USF1 now have seven days to appeal the ruling to the International Court of Appeal.
In a statement released by the FIA, the team “whilst well-intentioned, had displayed poor financial management and had underestimated the requirement to present an F1 car for the 2010 season in the time and with the financial resources available to them.”
Full details of the ruling can be found here on the FIA website.