A1GP, the single-seater race series featuring teams representing individual countries, has almost no chance of surviving into a fifth season, according to organising staff – many of whom have not been paid for almost six months.

The series was due to begin in Australia this weekend but mounting unpaid debts after the liquidation in the summer of A1GP Operations, the series’ operating arm, mean the cars are still being held by the freight company which transports them to the races.

About 300 jobs are likely to go if, as seems certain, the series is wound up, though A1GP chairman Tony Teixeira, a South African businessman, insists he is working on securing a financial package to pay off creditors and guarantee the series. One member of staff said the cancellation of the Australian race signalled the end.

“Most of us believe there is no coming back. The situation hasn’t been helped by the recession but there’s been a lot of mismanagement. The series has a total budget of no more than $90m [£55m] for all 20 teams, which is what it costs to run a small F1 team, but revenue generated has been negligible. There was money spent on things that didn’t matter – like parties.”

[source: independent.co.uk]