December 09, 2004 - The GP2 Series today proudly announces that another team has been admitted to the entry list of our inaugural season in 2005. The two cars will be those of Spanish F3 Champions and former World Series by Nissan champions Racing Engineering, under the direction of Alfonso de Orleans-Borbon.

At the same time, GP2 series is sad to announce that P1 Motorsport s application has been withdrawn at the team s request. Roly Vincini, P1 Motorsport s Team Principal, has chose to pull out of the series for the time being, in order to have more time to secure his budget.

Alfonso de Orleans Borbon: Team Principal, Racing Engineering: Racing Engineering is delighted to become part of the newly created GP2 Series. This championship, due to its amazing car and professional environment, is closer to Formula One than any championship ever, and we believe that it really will prove to be the ultimate stepping-stone to F1. Racing Engineering, after many successful years in single seater racing, is ready for this new challenge and hopes to continue its convincing performance. Our goal of providing young Spanish drivers with the chance to move up into F1 is very motivating.

Roly Vincini, Team Principal, P1 Motorsport: I am very disappointed not to be in a position to commit to the GP2 series any more but, out of fairness to the other teams, withdrawing my application is, for the moment, the best and the only decision I can take. I am working hard to find a solution and I am looking forward to announcing positive news in the near future.

Br uno Michel, GP2 series organiser: The addition of Racing Engineering to the GP2 family is fantastic news for the GP2 series. I am delighted to have a team of Racing Engineering s calibre joining us and look forward to seeing how they compete in 2005. They have proven in the past that they know how to fight and I m sure they will be successful in the series. More importantly, this commitment proves how competitive Spanish teams have become in the world of single-seater championships in Europe. Of course, I am sad about P1 Motorsport s decision, but I fully understand it. I was looking forward to having P1 in our inaugural championship, but whether we see them in GP2 or another series in 2005, I want to take this opportunity to thank them for all their hard work to date, and to wish Roly and all his staff the very best of luck in all their future endeavours.