Prodrive rule out racing in F1 in 2008

Prodrive has officially revealed that the team will not be able to race with a Formula 1 team next season. The Brtisih company declared in a statement that it will not enter F1 in 2008 but it is still looking for an opportunity to race in F1 in the future.

Prodrive statement: "Prodrive has always been committed to competing in Formula One with what has become known as a 'customer car'. It has been well known that our entry was made on this basis and that our entire business model was built upon this premise.

Over the past 18 months we have put considerable effort into securing an agreement for the supply of cars and engines from McLaren and Mercedes, as well as financial backing from a partner new to the sport. It was therefore particularly disappointing to face a last minute legal challenge to our entry, when our plans have been public knowledge for over a year.

This legal challenge and continuing delays to the new 'Concorde Agreement' represent a fundamental change in circumstances, therefore we must now realistically rule out the possibility of Prodrive being on the grid in 2008.

It is, however, still our ambition to compete in Formula One and we are hopeful that a new 'Concorde Agreement' between the FIA, FOA and the teams will provide clarity as to the terms on which this might be possible.

When this new agreement is reached, we will be in a position to consider the extent to which we can adapt our plans for participation in the future."