The Charlotte factory of the US F1 team is believed to have effectively closed on Tuesday as workers were instructed to stop working. The outfit has been struggling to make the grid of the season-opening Bahrain Grand Prix and has already been reported to have submitted a request to skip the 2010 season.

According to reports, US F1 has closed down its operation less than two weeks before the start of the 2010 season.

Russian Prime Minister Vladimir Putin has confirmed that car manufacturer Lada is to become a sponsor of the Renault F1 team, thereby increasing the country's involvement in the French team.

The Spanish media reports on Tuesday that the Campos Meta team, recently purchased by shareholder José Ramón Carabante, will change its name to Hispania Racing F1 Team ahead of the upcoming season. Furthermore, India's Karun Chandhok is still expected to partner Bruno Senna in its line-up.

As the US F1 team is believed to be wishing to miss the entire season this year, driver José María López's plans of making a Formula 1 debut in 2010 appear to have been all but dashed. However, the Argentinean is now being named as a possible candidate for a test and reserve seat at other new team Campos.

Russian Prime Minister Vladimir Putin believes that the struggling Avto VAZ, Russian's largest car manufacturer, can be revived thanks to sponsorship for its Lada brand on the Renault Formula 1 cars this season.

Spanish GP2 team Racing Engineering has announced that Dani Clos and Christian Vietoris will be its official drivers for the 2010 GP2 Series.

1999 championship runner-up Eddie Irvine is supporting the successes of past and present Northern Irish sportsmen in the shape of the 'Celebrating the Past, Inspiring the Future' exhibition in country capital Belfast.

With Michael Schumacher having admitted to GPUpdate.net in Barcelona that he may not hold a chance of winning from the first race this year, before clarifying the comments a day later, Team Principal Ross Brawn is confident that the Mercedes squad formerly known under his name will be able to succeed at once.

The Spanish newspaper Diario AS reports that Campos Meta intends to change its name to Hispania Racing F1 Team before the season gets underway. However, the name change would need to be approved by the FIA.

Vitantonio Liuzzi will be applying particular vigilance when approaching the first corners of Grands Prix this year as the field will arrive with the heaviest fuel tanks seen since in Formula 1 since 1993. For 2010, mid-race refuelling will be banned and will have more effects than just those on overall car weight.

Lewis Hamilton has ended the management agreement that saw his father help guide him from Karting right through to winning the 2008 Formula One World Championship.

Lewis Hamilton will no longer be managed by his father Anthony as the two look to build a closer family bond away from the rigours of Formula 1.

The Lotus team has announced a new agreement with news agency CNN International. The logo of the worldwide network will be seen on the Cosworth-powered Lotus cars as well as driver overalls and team clothing as the legendary team name returns to the sport this year.

Lotus Racing and CNN International have announced a partnership deal that sees the team entering into a long-term agreement with the leading news network.

Lewis Hamilton is now on the lookout for new management after agreeing to end a lifelong working relationship with father Anthony. With the latter having managed his son's career from his very first karting days, the pair have now mutually agreed to continue their journeys in different directions, Autosport reports.

"That's it with the exhibition games, now we're getting serious," declare Stefano Domenicali, referring to the end of pre-season testing and the forthcoming battle for the 2010 world championship proper.

Pedro de la Rosa is completely sure that Sauber will not make as big an impression on the sport this year as Brawn GP did in 2009. Although the Hinwil team are very much regarded as the underdogs following a dismal campaign last season, the Spaniard aims for consistency rather than dazzling race performances.