RML has put its Formula 1 aspirations on hold after opting not to submit an entry for the 2010 world championship, AUTOSPORT can reveal.
The team, which runs Chevrolet's World Touring Car Championship squad and has a long history of success in sportscar racing, had been seriously evaluating an entry but opted not to do so amid uncertainty about the 2010 budget cap regulations.
The team, which had planned to use Cosworth engines, issued a statement to AUTOSPORT saying that it is continuing to monitor the situation with a view to a possible future entry.
"The recent uncertainty regarding the details of the application of the budget cap and participation of the other teams and manufacturers has meant that we were not in a position to lodge an entry prior to the 29th May deadline," said the statement.
"Nevertheless, RML remain open to participating in Formula 1 in the future and will monitor developments closely. In the meantime, we wish to express our appreciation for the efforts of the FIA and Formula One Management to create the conditions for a new approach to Grand Prix racing and secure the future of the sport."
Despite deciding against an F1 entry, RML believes that the regulations could have made it possible for it to step in and run credibly in F1 and that it was an attractive commercial proposition for sponsors.
"During the last 10 weeks, RML Group have evaluated the exciting opportunity offered by the FIA to potential new Formula 1 entrants, and prepared an application to join the FIA Formula 1 World Championship in 2010," said the statement.
"Our analysis indicated that the technical and financial regulations as published by the FIA on 30 April were extremely well-suited to our organisation, whose attributes have attracted many motor manufacturers to partner with RML over the past 25 years and yielded numerous international and national sportscar, touring car, and rally championships," said the statement.
"In this process, we also enjoyed significant interest from prospective partners attracted by the FIA's proposed changes."