Cypher group withdraws 2011 candidature

The Cypher Group have announced officially that they have withdrawn their bid to enter Formula One in 2011. The group said that after much consideration, it finds it impossible to get the necessary budget together to ensure the project a good life in F1.

"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 One World Championship and our loyal supporters."

Cypher, believed to be working with former staff of the failed USF1 entry, earlier announced that it had reached an agreement to cooperate with American driver Jonathan Summerton.

The 13th team announcement is set to be made in mid-August by the FIA.