One by one every "13th F1 team" bidders abandon their projects. After Nicolas Todt's ART withdrawal, Cypher Group that was backed according to rumours by Ferrari, is one more strong competitor that has dropped its bid for the 13th entry in the 2011 F1 World Championship, leaving Spanish team Epsilon Euskadi, Serbian Stefan GP and Villeneuve-Durango F1 project as the major competitors. There is just a confirmation from the North Carolina-based group site that explains:
"The Cypher Group has officially withdrawn its candidature to become the 13th team in the 2011 FIA Formula One World Championship.
We remain completely committed to developing a credible and viable Formula One team and were able to raise a considerable amount of sponsorship and interest in recent months. 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.
The Cypher Group is reviewing projects and opportunities that will allow it to achieve the ultimate goal of entering Formula One in the near future.
We would like to thank our fans for all their support and understanding."
Many believe that the withdrawal of another American based F1 project was caused from the announcement of Jacques Villeneuve's involvement in the Durango bidding. Has the ex-F1 champion the necessary impact to collect so many wealthy corporate investors and guarantee success for his F1 project that has persuaded his opponents to stay out of the game ???
