The American Cypher team has officially withdrawn its 2011 Formula One entry according to a statement on the groups website.
Financial difficulties led to the group making the tough decision to pull its bid, which is up against stiff competition from Durango/Villeneuve Racing, Stefan GP and Epsilon Euskadi.
“We remain completely committed to developing a credible and viable Formula 1 team and were able to raise a considerable amount of sponsorship and interest in recent months,” the statement read.
“However after much deliberation we have decided that the budget we have is not sufficient to allow us to pursue the project in a manner befitting the series.
“It was not an easy decision, but one made out of respect for the FIA Formula One World Championship and our loyal supporters.”
The 13th team announcement is set to be made in mid-August by the FIA.
