The Cypher Group today announced that it has officially withdrawn its application to become the 13th team in the 2011 Formula 1 championship.
The team say that they have not raised sufficient money from sponsorship for them to compete next year, but remain committed to entering Formula 1 in the near future.
The team issued the following statement:
“We remain completely committed to developing a credible and viable Formula One 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.”