ART Grand Prix have announced that they will not proceed with their bid to enter Formula One in 2011.
The French GP2, GP3 and F3 team applied to become F1’s 13th team and were thought to be leading contenders to succeed in the bidding process.
However, a statement on the teams website said the current, unfavourable economic conditions meant the bid couldn’t go ahead for fear it could end up similar to that of USF1.
“ART Grand Prix has decided to withdraw their application to the International Federation of Automobiles (FIA) to take part in the 2011 Formula One World Championship,” the statement read.
“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.”
The French outfit, which are champions in both GP2 and F3, also stated that they remain focused on their current single seater series, as well as looking to enter F1 in the future.
“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 in.”
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