Former GP2 champion team iSport is on the verge of selling its GP2 cars and entry to avoid potentially going bust later in the season.
iSport took Timo Glock to the 2007 drivers' title and won the teams' contest in the same year.
Team boss Paul Jackson told AUTOSPORT that he is waiting on a deal to confirm whether or not a new outfit is to purchase his cars and take over his entry for the 2013 season.
This scenario has arisen due to iSport being unable to attract fully-funded drivers for 2013.
It is not planning on contesting the series and will not attend next week's test at Jerez.
"Yesterday afternoon [Thursday] I received an offer to buy the cars and take over our entry," Jackson told AUTOSPORT.
"I am now waiting for a call to confirm that it's a legitimate offer, which I believe it is, and that the right money is in place to pay for it."
Jackson has spoken with GP2 boss Bruno Michel, who he says has given the potential deal his blessing.
Jackson explained that the lack of drivers with requisite €1.8million budgets was the sole reason for him being prepared to sell-up.
"We're not prepared to risk our business by starting the season with no means to see it through and going bust by the middle of it," he said.
"It's obviously a very, very sad situation. We've tried all workable solutions, and decided there is no point in committing commercial suicide.
"The economy is obviously very tight, but we're in the position where we don't owe anything to anyone, and we're keen to sort the situation out in full cooperation with GP2 and then move on to a new project when we've cleared our heads a little.
"We're a team with a good reputation, both for engineering standards and for paying our bills. We wish to maintain that in the future."