ART Grand Prix has announced it will not pursue a place on the F1 grid in 2011, citing “unfavourable economic conditions”.
The FIA is expected to announce next month who has won the 13th place in Formula 1 for 2011, taking the place of US F1.
In a statement the team said:
ART Grand Prix has decided to withdraw their application to the FIA to take part in the 2011 Formula One World Championship.
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 focussed and dedicated to the other single-seater championships in which they are successfully involved in.
ART presently compete in GP2, GP2 Asia, GP3 and the Formula Three Euro Series. It won GP2 titles with Nico Hulkenberg last year, Lewis Hamilton in 2006 and Nico Rosberg in 2005.
Epsilon Euskadi and Durango are believed to have submitted applications to compete in F1 next year. The FIA has recently announced cars that do not qualify within 7% of the fastest time in Q1 will not be allowed to start races in 2011.
One of ART’s owners is Nicolas Todt, son of FIA president Jean Todt.
Read more: 2011 F1 drivers and teams
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