European series canned for 2002

The move, which has been expected for some time, was confirmed by Panoz Motor Sport Group president Scott Atherton.

"We have been working diligently over the last several months in an attempt to confirm the continuation of the series," he said. "But establishing a new professional sportscar racing series in an already fragmented environment was a tremendous challenge."

The ELMS name was used for the first time two years ago when its sister championship, the American Le Mans Series, raced at Silverstone and the Nurburgring. This season the ELMS took on stand-alone status with five rounds held around Europe.

The top prototype class was won by former grand prix driver Stefan Johansson, but with teams already committed to the ALMS and the European-based FIA Sportscar and GT Championships, the series struggled to attract full grids.

"In addition, the state of the global economy following the events of September 11 has made an already difficult task even more challenging," added Atherton. "At the same time, the major auto manufacturers and suppliers that are involved in Le Mans Series sportscar racing made it clear that they wanted to focus our efforts on the North American market."

Atherton praised the work of John Macdonald, the man commissioned to run the ELMS. He also indicated that Panoz group would like to return to run events in Europe in the future.