ART Grand Prix, known for its successes in GP2 and Formula 3, has decided to withdraw its application to take part in the 2011 Formula 1 World Championship. Due to the current economic conditions the French outfit decided it was unable to guarantee running the team in the long term.
A statement issued by the team on Wednesday said: “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.”
In 2005 (Nico Rosberg), 2006 (Lewis Hamilton) and 2009 (Nico Hulkenberg) ART Grand Prix won the GP2 Series championship.
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