Sponsorship shortfall stalls driver’s F1 hopes

Thursday 3rd December 2009, 3:00PM GMT.

James Walker, who needs to find £3m for a Formula One seat

ISLAND racing driver James Walker’s dreams of Formula One fame next year look unlikely to get out of the pit lane.

Last month, the 25-year-old’s management team revealed that he had been offered a drive with a new F1 team. The only catch was that he had to raise £3 million to take up the offer.

Yesterday, manager Tim Sugden revealed that he had raised £1.3 million – and that time had all but run out to find the rest.

He said that he was awaiting a call ‘any minute’ from the unnamed team to say that they had found someone else. He explained that there were several drivers who were a lot richer than Mr Walker, but less talented.

‘I am flat out,’ said Mr Sugden. ‘I spend about 90 per cent of my time chasing money. It is a relentless process, but that’s motor racing. We are now well past the deadline that the team set for us to find the money and we are on borrowed time.’

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