Hispania withdraws from FOTA
10 January 2011 – The Hispania Racing Team has confirmed that it is no longer part of the Formula One Teams Association (FOTA), having failed to make its annual payment of 100,000 euros (83,000 pounds) and believing that the group is better-suited to the sport's larger outfits.
With several reports having circulated on the internet, a team spokesperson confirmed the news to Reuters.
The latest development follows a series of stories throughout 2010 that the Murcia-based squad, which made its F1 debut last year, is struggling financially. The 11 other teams remain part of the united organisation formed in mid-2008.
At present, one driver is confirmed for the 2011 season, with India's Narain Karthikeyan returning to the sport after first racing with Jordan in 2005.
Hispania: FOTA a nonsense for us