The ART GP2 concern has withdrawn its application to compete for a place on the 2011 Formula 1 grid.
A statement issued by the team – co-owned by the son of FIA President Jean Todt, Nicolas (pictured) – confirmed its withdrawal, despite “forg[ing] strong bonds with several technical and financial partners … over several months.
“But with unfavourable economic conditions [we] could not gather the necessary guarantees to ensure the stability of the project in the long term,” it added, in addition to confirming that it would revisit the project at “a later date”.
ART was rumoured to be looking at a tie-in with the Sauber or Toro Rosso outfits as opposed to going it alone.
[Original image via The Cahier Archive]