The Cypher Group has officially withdrawn its candidature to become the 13th team in the 2011 FIA Formula One World Championship. The team says that it remains “completely committed to developing a credible and viable Formula One team” but said that it could not raise enough money.
“We were able to raise a considerable amount of sponsorship and interest in recent months,” the team says. “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 group is reviewing projects and opportunities that will allow it to achieve the ultimate goal of entering Formula One in the near future.
They should put together a fund to send Americans to race in Europe in GP2 to build up their credentials as well as for those American young guns who could potentially race for them one day.
If they have raised some funds already, place Jonathan Summerton or Alex Rossi in GP2 next year.
What a bummer!. well there’s always next year. best of luck to the Cypher Group on their F1 pursuit.
Joe,
How many teams are still in the race to get a slot other than Epsilon and Villeneuve?
Why start the ball rolling knowing you haven’t got the cash.
Shocking that, almost as unexpected as Donington being unable to host the British GP this year!
It’ll be a shame if we actually have a US GP at a new custom built venue in 2012 without a US team involved, which looks marginally more likely this week now that we know they at least have a rich business man with a sporting pedigree behind the scenes, but I’ll believe that one when I see it too.
Probably didn’t sell enough decals from their website
Not surprised, this group was more secretive than USF1. We (USA fans) will continue to wait for our own team. Maybe having our own race will help (if the track is completed on time)
Give the last spot to JV……
Joe, sorry for giving you some stick before, ive come to the conclusion you are in fact a cool dude…
Off the subject, I know, but it was good to see your voice and others like it at the press conference, Joe. Still the denials and justifications keep coming from SD, but at least there’s some comfort for the fans in knowing that there are members of the media who are prepared to press home the salient points on our behalf. I hope he was squirming.
“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.”
They already talk more sense than USF1.
Much like ART last month I think it’s better that they pull the pin early rather than ending up another USF1… stumbling along hoping something will turn up and save them. It’s tough enough for the established teams to survive so anyone coming in without plenty of cash in reserve will be in for a hard and probably short life in F1.
I’ve said it before and I’ll say it again….anytime we have the combination of USA + F1, especially with regards to a team, the old adage applies….I’ll believe it when I see it. Same for Austin.
In Brazil this week news circulated that the Piquets were in the plans for that ex-future team, even that Piquet the son had a meeting appointed with someone driving the project.
It seems a dream that had just started melted away for some brazilian fans. Better that was so short lived though, unlike the USF1 event.
Hi Joe,
Any idea how many applicants leaves in the hunt and has an announcement date for the slot been confirmed?
I had something elaborate and informative to write but it seems that would just be a waste.
Instead of hating on the US F1 aspirations, you all should consider what it takes to even file an entry into F1, let alone the massive amounts of cash that one needs before that entry is even accepted. Joe has pointed out most of these minor details before, with at least a passing level of respect for those that put everything on the line to get into this sport.
But it’s okay. It’s easy to enjoy the fruit of others’ labors (you know, established teams), and belittle those who only wish to get a tree planted. A very expensive, carbon-fiber shrouded unobtanium fruit tree…
How is it possible to build a completely new Formula One team from August till the beginning of the race season say 6 months? The idea is doomed to begin with. FIA leave it way too late. This entry should realistically be for 2012 especially in this economy. I would not be surprised if the remaining entries pull out as well