Ram Racing have withdrawn from the FIA World Endurance Championship and all competition with immediate effect due to a shortfall in budget.
The team, who missed the Spa round of the WEC due to budget issues, released a statement earlier today, saying: “Following a difficult start to the 2014 FIA World Endurance Championship, with a particularly challenging 24 Hours of Le Mans, British GTE team Ram Racing was planning to return to racing in September with renewed determination and vigour.
“However, recent notification of a drastic cut in its expected funding for the second half of 2014 means that the team has been forced to withdraw from the FIA WEC and any further competition with immediate effect. New employment is being sought for the majority of the team’s employees who were released two weeks ago.
“Ram Racing extends its heartfelt apologies and grateful thanks to all its drivers, technical partners, loyal employees, the FIA World Endurance Championship and the team’s many supporters. It would like to stress that it has worked tirelessly to try and avoid, or at least alleviate, the situation it finds itself in.
“Ram Racing wishes all its competitors in both the LMGTE Pro and Am categories of the FIA WEC a safe and successful season – we are desperately sorry we won’t be there battling with you all on track.”
The team, which was founded in 2013, won the GTE Championship in the European Le Mans Series in their maiden year, with drivers Matt Griffin and Johnny Mowlem also taking the GTE Drivers championship after two poles, three wins and five podiums.
The three race wins in the ELMS, however, is all the team won, with Dan Shufflebottom’s team only entering nine races in its history, which ended with a DNF in GTE Pro and a 12th place in GTE Am at Le Mans in June.