de Ferran Dragon Racing have announced that eventually the team will not be able to participate in the 2011 IZOD IndyCar Series after failing to find the required sponsorship to compete. As an immediate effect, team closed its racing operations, spreading huge disappointment not only among the personnel and everyone involved within the team but also among Kanaan's and team's supporters.
The team was founded in 2007 and it was a joint venture of Stephen J. Luczo and Jay Penske and finally Gil de Feran who entered the team last year. Unfortunately, team's main sponsor HP has decided to terminate its sponsorship program and no other financial resources couldn't be found, although the team had already confirmed Tony Kanaan as the 2011 driver promising a lot of success ahead.
Gil de Ferran - President and co-owner of de Ferran Dragon Racing announced:
“This is a very difficult announcement for us to make. When Tony and I put the deal together we both knew that it had to make financial sense and we set ourselves certain targets. We believed that together we were a strong proposition both on and off the track and really felt we could have become a major force in the championship in 2011 and beyond. Despite our collective best efforts we have not been able to secure the sponsorship funds to go any further.
Regarding the future of our team, at this point we are unclear of our plans, nevertheless it is unlikely that we will participate in the 2011 IZOD IndyCar Series. I want to take this opportunity to thank our staff, sponsors, Tony, friends and supporters for the tremendous efforts in trying to make our program successful.
I couldn't figure out an equation where there wasn't an ounce of uncertainty and financial risk. It's a sad day, particularly in light of the fact we felt we did a lot of our homework that we didn't do in preparation for last year. We kept everyone over the winter, and we spent money on research and development. I felt good about what we were doing."
The 36-year-old veteran driver Tony Kanaan made a surprisingly switch to de Ferran’s outfit from Andretti Autosports when his longtime sponsor 7/Eleven abandoned their primary sponsorship program but now he is left without a driving seat on the grid for the 2011 championship:
“Gil and I have decided to go our separate ways. I wish both him and his team all the best but unfortunately we couldn’t find the required funding for the season. For sure it wasn’t through lack of effort. For me personally I am determined to race in the IZOD IndyCar Series this year and I am going to continue to do everything in my power to secure the best opportunity for 2011.
It’s a shame because we worked really hard the past couple months to try and find funding and I had 88 meetings with people looking for sponsorship. I had never been on that side before and now I know how fortunate I’ve been all this time to have a good deal.
I’m available, I’m not going to give up. I had offers to stay in Brazil and drive stock cars and Kyle Busch still wants me to drive his truck but I want to be in Indy car. I’ve still got the talent and the desire, I just need a ride."
