Cypher Group rescinds 2011 entry
July 30, 2010 by vmr
Filed under People & Events, Top Story
Cypher Group, the American team entered to compete for the thirteenth spot on the 2011 Formula1 roster has withdrawn its entry. According to an Autosport article quoting a press release from the team, “after much deliberation we have decided that the budget we have is not sufficient to allow us to pursue the project in a manner befitting the series.” Cypher Group, who was “not in this to embarrass America, the fans or” themselves according to their Facebook page, had confirmed an unspecific deal with young American driver Jonathon Summerton, who had also been linked to USF1, on July 7th.
While the team’s website, Facebook, and Twitter pages hold no clues to their withdrawal, the press release also notes, “We remain completely committed to developing a credible and viable Formula 1 team and were able to raise a considerable amount of sponsorship and interest in recent months…It was not an easy decision, but one made out of respect for the FIA Formula One World Championship and our loyal supporters.” With the debacle that came out of USF1, many of whose former employees were said to be working with or for Cypher Group, it is both surprising that the group even tried to get off the ground, and that they have seemingly failed so quickly. It is hopeful for both their future and that of American fans that they were at least able to recognize that the situation was not going their way and to withdraw early, before before becoming something of a laughingstock. For American fans, Cypher Group is about to join legions of other possible hopes of an American team and the ever-growing list of I-told-you-so examples that it is unlikely to happen now or in the near future, no matter how we wish it were otherwise.
UPDATE: Cypher Group posted the following press release, with little more information than that already published, on its Facebook page,
The Cypher Group has officially withdrawn its candidature to become the 13th team in the 2011 FIA Formula One World Championship.
“We remain completely committed to developing a credible and viable Formula One team and were able to raise a considerable amount of sponsorship and interest in recent months. However after much deliberation, we have decided that the budget we have is not sufficient to allow us to pursue the project in a manner befitting the series. It was not an easy decision, but one made out of respect for the FIA Formula One World Championship and our loyal supporters.’
The Cypher Group is reviewing projects and opportunities that will allow it to achieve the ultimate goal of entering Formula One in the near future.
We would like to thank our fans for all their support and understanding.
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Why am I not surprised?
a lot of talking and no substance is what i got from reading the cypher group facebook page,so no surprise to me
Well, at least they had the class to back out somewhat gracefully, instead of chasing the trash truck down the street, yelling “No wait, we can still do THIS!! BRING BACK OUR COFFEE MAKERS AND JIM CLARK POSTER!!”
Paging Peter Windsor, you can come out of hiding now because another “hopeful” USA F1 team has left the building.
Shouldn’t that be “hopeless”?
I think it will be difficult to raise $ unless you have a proven leader + the whole team of engineers, designers, etc willing to move wholesale to the US. There must be plenty of F1 fans within US’s ranks of billionaires but they’re not falling into the USF1 trap again with unproven material. The personnel will probably demand a good premium on the salaries to take the risk too. So in the end, might be difficult to make it work business-wise, that’s why industries tend to congregate in close proximity like silicon valley, wall st, etc.
The team that Nicholas Todt owns(the name scapes me) already bowed out, now these guys, could this open the door for JV’s team? Anybody know whos left of the teams that aplied?
Is the Serb still around? Looks like his dreams of getting two cars on the grid seems possible.
I knew it. A real team would come up with a name quickly. They wouldn’t make a big secret out of whose behind it all.
They only real chance Americans have of ever seeing a US team is if Penkse of Gnassi racing get involved. Otherwise everything else will be a big fat failure.
i would’nt count on JV’s effort making it either
At least I now have a damn awesome “Cypher” F1 T shirt.
bidding starts at $100.00