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The Formula 2 Championship has been axed by organisers MotorSport Vision, just four years after the new version of the series was launched. Following a meeting of the World Motor Sport Council (WMSC) in Turkey, the decision was officially ratified.
Resurrected back in 2009, Formula 2 followed on from its older iteration which took place between 1967 and 1984. With its cost-cutting regulations, which saw drivers compete in identical Audi-powered cars designed by the Williams F1 Team, it initially proved to be a success and fielded healthy grids amid the restricting economic crisis.
In contrast to GP2, which costs in the region of 1.5 million pounds for one season, a full campaign in Formula 2 could be contested for around 250,000 pounds. However, MSV Chief Executive Jonathan Palmer says the aforementioned cost cuts have in time reduced the appeal of the series, with drivers drawn to more conventional categories.
"Despite launching the FIA Formula 2 Championship in 2009 at the start of this major global recession it has performed well with good grids and very competitive racing over the past four years," he said.
"As the FIA intended, F2 has always provided outstanding value and equality for its competitors. However, it has become progressively clear that the single operating team concept that enables these benefits has compromises that have, overall, reduced its appeal to drivers.
"We and the FIA are in agreement that any future F2 should operate on a more conventional, multi team basis. Other championships at F2's level have also increased their appeal through recent performance upgrades, and it is logical to conclude that in F2's final year grid numbers would reduce, perhaps significantly."
Since Formula 2's resurrection in 2009, Andy Soucek, Dean Stoneman, Mirko Bortolotti and Luciano Bacheta have all been crowned Champions of the series. 2013 was set to be the final year of MSV's five-season Formula 2 contract with the FIA.
In 2014, MSV will launch a new BRDC-backed feeder series called Formula 4.
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