The Lola Group has decided that enough is enough in the current battle to shape the 2010 grid – and has withdrawn its entry.
It was one of 12 companies seeking to enter open-wheel racing’s top flight under plans from the FIA to introduce a £40 million budget cap.
It was not on the initial entry list published on June 12, but was one of several teams advised by the FIA to “remain in a state of readiness” in the face of an extended deadline of June 19 offered to the five existing competitors making conditional entries.
On Monday we learned the company was considering the future of the project, with post-Le Mans discussions due to take place yesterday.
Today it issued the following statement: “Lola F1 Team Ltd has today advised the FIA of the decision to withdraw its application to enter the 2010 FIA Formula One World Championship.
“Significant financial investment has been made in producing its 2010 contender and the FIA had requested that the Lola F1 Team remain in a state of readiness for a possible future entry.
“Lola F1 Team has thanked the FIA for giving its application to enter the 2010 FIA Formula One World Championship serious consideration. No further comment will be made.”
Other teams thought to be on the FIA’s provisional list include Prodrive, Epsilon Euskadi and Superfund.