Prodrive rule out racing in F1 in 2008

The Banbury-based company had hoped to enter F1 in 2008 with customer McLaren-Mercedes, but those plans were put on hold when Williams threatened to take legal action if they did so.

With the matter no nearer a resolution, especially as talks to frame a new Concorde Agreement are still ongoing, Prodrive have now admitted that their hopes of entering F1 next year are realistically over.

In a statement issued by the company on Friday, the team made it clear that they were still looking at an opportunity to race in F1 in the future, but said that it would not be next season.

"Prodrive has always been committed to competing in Formula One with what has become known as a 'customer car'," said the statement.

"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."