No 2008 entry for Prodrive

Prodrive, the company headed by former BAR principal David Richards, has confirmed that it will not be entering the 2008 Formula One championship as it had planned. The ongoing dispute over 'customer cars', including a legal challenge from Williams, and the lack of a new Concorde Agreement for next year means that Prodrive has put its plans on hold.

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