The North American Cypher Group, has pulled out of the race for the 13th spot on the Formula One grid next season due to lack of funding.

The group was understood to contain members of the failed US F1 team, which was granted a slot on this year’s grid, but could not raise the necessary funds and withdrew at the last minute.

“We remain committed to developing a credible and viable F1 team, and were able to raise a considerable amount of sponsorship and interest in recent months,” read a statement on the team’s official website

“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.”

The Cypher Group is the second prospective team for the 2011 season to pull out of the race, following favourites ART Grand Prix, from France. Spanish team Epsilon Euskadi and Italian team Durango (in partnership with Canadian driver and ex-F1 champion Jacques Villeneuve) now stand the best chances.

Source: Sport Business