• 2011 season

ART GP withdraws F1 bid

ESPNF1 Staff
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ART GP currently races in GP2 © Sutton Images
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ART Grand Prix has withdrawn its bid to enter F1 in 2011.

The GP2 team was a leading contender to take the 13th grid slot next year but said it could not guarantee the funding in order to launch a proper bid in the top-flight. It will continue to race in GP2, GP3 and Formula 3, with F1 as a long-term goal.

"ART Grand Prix has decided to withdraw their application to the International Federation of Automobiles (FIA) to take part in the 2011 Formula One World Championship," read a statement. "The team has been working for several months on this ambitious project that they had undertaken with determination and lucidity.

"ART Grand Prix had forged strong bonds with several technical and financial partners but with unfavourable economic conditions they could not gather the necessary guarantees to ensure the stability of the project in the long term. Therefore, the company will have to postpone its project until a later date, however it remains completely focused and dedicated to the other single-seater championships in which they are successfully involved in."

© ESPN Sports Media Ltd.

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