American F1 hopefuls Cypher Group has announced its withdrawal from the running to compete in Formula 1 next season.
The group – comprised of a consortium if investors and former personnel from the defunct USF1 project – had applied for the thirteenth team entry slot and was rumoured to be in talks with Jonathan Summerton and Nelson Piquet Jr about driver roles.
However, in the wake of ART’s own withdrawal from contention and Bernie Ecclestone’s stipulation that all new entrants stump up a 19M deposit, Cypher Group admitted that it didn’t have the funds to compete.
“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,” a statements reads.
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