Very little was known about the US-based team, who pulled out of the running just days before the decision on the winning entry is to be announced, but there was a link with former A1GP racer Jonathan Summerton in one of the only public statements made by their proposed bid.
As we are now in to August, any team seeking to join F1 in March 2011 faces a huge battle to be ready for the start of next season.
There are already concerns that one or two of the new teams from this year will not make it to the end of the season and F1 will be keen to ensure that another scenario similar to the failed entry of USF1 does not happen again.
A statement from the Cypher Group read: “We remain 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.
“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.”
Well-fancied GP2 outfit ART have already pulled out citing financial concerns, and CypherÃ¢â‚¬â„¢s exit could be a result of recent speculation over the financial statusÃ¢â‚¬â„¢ of Virgin Racing and HispaniaÃ¢â‚¬â€the two teams at the back of the grid who many believe will not survive in F1 beyond 2010.
It is incredible that it is now August and we do not yet know who will join F1 for 2011.
Have the FIA not learnt from last year? The majority of teams have now been working on their 2011 car for a month or two at least, and at varying degrees.
It is ludicrous to believe that a new team, perhaps with limited resources and without an intimate knowledge of the sport, can come in and adequately build a team and car in just a few months.
It almost seems as though the FIA are happy to support Bernie EcclestoneÃ¢â‚¬â„¢s claims that the sport only needs 10 teams.
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