Sport Industry Group

US group pulls out of F1 2011 bid- 2 Aug 2010 00:00:00

US-based Cypher Group has ended its interest in joining F1 next season, citing a lack of funding to complete its programme.



There was fears that the Cypher Group could follow is USF1’s footsteps and bow out after initially entering the competition, but the Group always maintained that if it couldn’t find the funding it wouldn’t apply.

‘We remain committed to developing a credible and viable F1 team, and were able to raise a considerable amount of sponsorship and interest in recent months,’ read a statement.

‘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.’



Little is known about the financial backing behind the Cypher Group but ir has confirmed that its interest in joining the grand prix field is not over.

Epsilon Euskadi and Durango/Villeneuve Racing are now leading the race to join the grid for 2011.

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