13th slot in F1 is up for grabs

ART Grand Prix has announced that it has decided to withdraw their application to the FIA to be considered to take part in the 2011 Formula One World Championship.

The multiple GP2 championship winning team is run by Nicolas Todt - son of FIA President Jean Todt - and has been widely tipped to be the frontrunner to get the open 13th slot - which opened up when Team US F1 failed to compete this season in the series.

The team said in a statement, "The team has been working for several months on this ambitious project that they had undertaken with determination and lucidity. ART Grand Prix had forged strong bonds with several technical and financial partners but with unfavourable economic conditions they could not gather the necessary guarantees to ensure the stability of the project in the longterm.Therefore, the company will have to postpone its project until a later date, however it remains completely focused and dedicated to the other single-seater championships in which they are successfully involved in."

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