The American Cypher Group has finally decided to admit that actually it doesn't really want to be part of Formula One at all, and has withdrawn its initial application from the race for the 13th and final spot on the 2011 F1 grid.
The American company, which had both a Facebook and a Twitter page, and was therefore a serious attempt to join the Formula One grid, withdrew their plan for F1 membership on Friday.
The team confirmed that simply posting on the internet a lot wasn't an adequate way of generating funds for the forthcoming Formula One season.
They nevertheless insisted that they would be part of Formula One eventually.
"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," Cypher Group released in a statement, possibly released on Facebook.
"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 team had initially confirmed that American driver Jonathan Summerton had become their friend on Facebook.
The race for the 13th F1 slot in 2010 now seems to be between Epsilon Euskadi, Stefan GP and Villeneuve.
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