The Cypher Group has withdrawn its bid to compete in the 2011 F1 championship.
The American group released a statement saying:
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.
GP2 team ART abandoned its plans to form an F1 team earlier this month.
Read more: 2011 F1 drivers and teams
Promoted content from around the web | Become an F1 Fanatic Supporter to hide this ad and others