The American Cypher Group has officially withdrawn its application to become the 13th Formula 1 team in 2011.
The group, which was believed to include former members of the failed US F1 team, announced on Friday that it did not have sufficient budget to enter the sport next season. It said, however, that it remained committed to reaching Formula 1 eventually.
"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," said the group in 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.
"It was not an easy decision, but one made out of respect for the FIA Formula 1World Championship and our loyal supporters."
The group had previously confirmed a tie-up with American driver Jonathan Summerton (above left).