World Endurance Championship squad Ram Racing is to withdraw from the competition and close down.
The team had endured a difficult start to 2014, withdrawing from the second round in order to make the start at Le Mans.
But despite hopes they would return for the round in Austin the team has now taken the decision to withdraw and end all operations.
The team, which was only founded in 2012, walked away with the GTE title in last year’s ELMS and had looked to make a successful transition to the world championship with a driver line up including Alvaro Parente and Johnny Mowlem.
But funding difficulties had hampered their season all year and finally took their toll with team boss Dan Shufflebottom unable to raise the right funds to keep it going.
A release from the British team today read:
Following a difficult start to the 2014 FIA World Endurance Championship, with a particularly challenging 24 Hours of Le Mans, British GTE team Ram Racing was planning to return to racing in September with renewed determination and vigour.
However, recent notification of a drastic cut in its expected funding for the second half of 2014 means that the team has been forced to withdraw from the FIA WEC and any further competition with immediate effect.
New employment is being sought for the majority of the team’s employees who were released two weeks ago.
Ram Racing extends its heartfelt apologies and grateful thanks to all its drivers, technical partners, loyal employees, the FIA World Endurance Championship and the team’s many supporters.
It would like to stress that it has worked tirelessly to try and avoid, or at least alleviate, the situation it finds itself in.
Ram Racing wishes all its competitors in both the LMGTE Pro and Am categories of the FIA WEC a safe and successful season – we are desperately sorry we won’t be there battling with you all on track.
All of us at Carwitter would like to extend our best wishes to all involved in the team.