British-based chassis maker Lola has withdrawn its application to compete in Formula One next year, having failed to secure an immediate place on the entry list published by the FIA last week.
Lola said in a statement they had now advised the FIA, motorsport’s governing body, that that they were no longer in the running.
"Significant investment has been made in producing its 2010 contender. The International Motorsport Federation (FIA) had requested that the Lola F1 Team remain in a state of readiness for a possible future entry," the company statement said.
The deadline for entries to next year's championship is Friday. Five existing teams including championship leaders Brawn GP, have been told by the FIA that they must make their provisional entries unconditional by Friday or risk being left out in the cold.
The Formula One Teams Association is at odds with the FIA over a planned budget cap for the 2010 season, with Ferrari and other constructors threatening to walk away and set up a rival series.
