ART withdraws F1 bid 09/07/2010 |
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ART Grand Prix has withdrawn its bid to enter Formula 1 in 2011.
The GP2 team was a leading contender to take the 13th grid slot next year, but said the economic climate meant it could not guarantee it could raise the funds needed to survive in F1.
The team will continue to race in GP2, GP3 and Formula 3, with F1 as a long-term goal.
"ART Grand Prix has decided to withdraw their application to the International Federation of Automobiles (FIA) to take part in the 2011 Formula 1 World Championship," it said in a statement. "The team has been working for several months on this ambitious project that they had undertaken with determination and lucidity.
"ART Grand Prix had forged strong bonds with several technical and financial partners but with unfavourable economic conditions they could not gather the necessary guarantees to ensure the stability of the project in the long term.
“Therefore, the company will have to postpone its project until a later date. However, it remains completely focused and dedicated to the other single-seater championships in which they are successfully involved."
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