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Formula One
F1: Cypher Group Drops 2011 Entry Bid
The Cypher Group will no longer pursue the final spot on next year's Formula One grid...
Adam Cooper  | http://www.speedtv.com  |  Posted July 31, 2010   Budapest (HUN)
Jonathan Summerton had been linked to the Cypher Group. (Photo: LAT Photographic)
The Cypher Group has dropped its bid for the 13th entry in the 2011 World Championship.

Little hard information had come from the North Carolina-based outfit other than confirmation of a link with Jonathan Summerton.

A statement from Cypher said: “We remain completely committed to developing a credible and viable Formula One team and were able to raise a considerable amount of sponsorship and interest in recent months.

“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 Cypher Group is reviewing projects and opportunities that will allow it to achieve the ultimate goal of entering Formula One in the near future. We would like to thank our fans for all their support and understanding.”

With ART already gone, the news appears to leave Villeneuve/Durango, Epsilon Euskadi and Stefan GP as the only remaining candidates. There has been no firm news from the FIA as to when we might expect a decision.

Adam Cooper notched up his 25th season as a racing journalist in 2009. Born in London, England, he saw his first F1 race at age 10 in 1976. He began freelancing for Autosport magazine in 1985 and was on the fulltime staff from 1987-92. He then went freelance again, initially spending two years in Japan before following the 1994 Champcar series from a base in Indianapolis. He has not missed a Grand Prix since Suzuka ‘94, a run that has extended to Abu Dhabi ’09. Adam has written books about Eddie Irvine, Piers Courage and Michael Schumacher and hosts a race preview show on Sirius XM. He has written about F1 for SPEEDtv.com since 2005. Check out Adam's Blog or follow him on Twitter

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