A1 GP is like a world cup of Motor racing, pitting nations against one another, with a same spec car designed by Ferrari. It is the brainchild of Sheikh Maktoum Hasher Maktoum Al Maktoum of Dubai. This is the Event in which Indian’s F1 fame Narain Karthikeyan is currently racing for the Indian team.

A1 GP had a rough start with the initial season in 2005 seeing a loss of US$ 250million. It had never been able to rack in big sponsors and its share values dropped as low as 48% in one year of its creation. On top of that the logistics company which is responsible for transporting cars from race to race around the world is holding the cars ransom for payment, if that doesn’t do it Fiat which owns Ferrari has threatened to sue A1 GP and impound the cars for which A1 GP owes Ferrari US$ 2 million.

If you thought the problem ends there, you would be wrong. FIA the regulating body of all motor races has deemed the A1 GP cars unfit for racing and has asked to improve its designs, making it handful. Amidst all these problems, this 2009-2010 seasons opener at Australia’s Gold Coast which was scheduled for the 25th of this month is cancelled.