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Yet another prospective team for the 2011 Formula One season has pulled out of the running as it begins to look increasingly like there won’t be a thirteenth team after all.
Cypher Group, an American based company that has only recently confirmed Jonathan Summerton as one of their racers, has now confirmed that they will not be continuing with their plans to enter the pinnacle of Motorsports afterall, citing insufficient funds to get the project off the ground.
"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. 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." |
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