After the expiration of the deadline in expressing interest for the 13th F1 team spot, Lola became another prospective F1 team to rule out its participation.
The British racing car company applied to race during 2010, and even went to some lengths to design a Grand Prix single seater, but was overlooked by the FIA for the new team places. Moreover, the company decided to bid for the provision of the new IZOD INDYCAR series car from 2012 and beyond and its proposition will be revised by the ICONIC committee.
Owner Martin Birrane claimed the originally proposed 2010 budget cap and performance-balancing rules were "perfect for Lola", noting that the regulations are in actuality quite different.
"Sadly our well developed 2010 F1 project, which included a significant wind tunnel program, had to be frozen in June 2009. The recently announced applications for 2011 has left us with insufficient time to prepare for what would be a quite different program," he added.
