A1 GP’s holding company A1 Holdings has officially announced the cancellation of the season-opening race in Surfers Paradise, Australia. The Australian round was supposed to be the first race of season five and the reason behind the cancellation is the inability of the organizer to prepare its Ferrari-sourced single-seater race cars in time for the event that was scheduled to take place between October 22nd and October 25th.

Recently, world motorsport governing body, FIA instructed the A1 Holdings company to perform two safety-related modifications on the cars. However, these cars will not be ready and shipped in time for the event. There’s also the matter of some unpaid monies to certain parties that are preventing the cars to be released from its current location.

Tony Teixeira, chairman of A1 Holdings revealed, “I want to personally apologize to the people affected by this regrettable but unavoidable decision.” It is also unclear if these cars will be ready for the Chinese race that is scheduled to take place on November 15th. “A1GP may be down, but I do not accept we are out. We have had four exciting seasons that have proved we are a force in the sport and now we shall consolidate on what we have achieved to date. My efforts will be on finding a way forward with the support of some very loyal people,” Teixeira re-assured.