ART Grand Prix, the outfit led by Nicolas Todt, son of the FIA president Jean Todt, has announced that it is to postpone its bid for a place on the F1 grid.

A brief statement issued this afternoon read as follows:

ART Grand Prix has decided to withdraw their application to the International Federation of Automobiles (FIA) to take part in the 2011 Formula One World Championship.

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 long term.

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ART Grand Prix withdraws F1 application

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