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Cypher Group withdraws 2011 F1 entry
The American Cypher Group has announced that it has decided to drop out of the running for team selection ahead of next season. The group of former US F1 engineers plus others was looking to become the sport’s first-all American team although a statement has been released on Friday evening.
Following the late demise of US F1 prior to the current campaign, the Cypher Group emerged as a North Carolina outfit believed to be supported by a current F1 manufacturer and headed up by Steve Brown, former Research and Development Officer of 2009 Champions Brawn GP.
American driver Jonathan Summerton was looking to be part of the Cypher line-up and former Renault pilot Nélson Piquet Jr’s name had also been linked to the squad.
Cypher released the following statement on Friday:
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‘The Cypher Group has officially withdrawn its candidature to become the 13th team in the 2011 FIA Formula One World Championship.
We remain completely committed to developing a credible and viable Formula 1 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.
The Cypher Group is reviewing projects and opportunities that will allow it to achieve the ultimate goal of entering Formula 1 in the near future.
We would like to thank our fans for all their support and understanding.’
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