RAAM Racing has withdrawn its two entries in the World Endurance Championship.
The Silverstone-based British racing team, Ram Racing, has withdrawn from the World Endurance Championship (WEC). The team fielded a Ferrari 458 Italia in both the GTE Pro and GTE Am classes.
Most of the members of the team have been released with only a select few remaining. Ram earned title honors for the GTE class in ELMS last year, before making the move up to the WEC.
The team released the following statement,
"Following a difficult start to the 2014 FIA World Endurance Championship, with a particularly challenging 24 Hours of Le Mans, British GTE team Ram Racing was planning to return to racing in September with renewed determination and vigour."
"However, recent notification of a drastic cut in its expected funding for the second half of 2014 means that the team has been forced to withdraw from the FIA WEC and any further competition with immediate effect. New employment is being sought for the majority of the team’s employees who were released two weeks ago."
"Ram Racing extends its heartfelt apologies and grateful thanks to all its drivers, technical partners, loyal employees, the FIA World Endurance Championship and the team’s many supporters. It would like to stress that it has worked tirelessly to try and avoid, or at least alleviate, the situation it finds itself in."
"Ram Racing wishes all its competitors in both the LMGTE Pro and Am categories of the FIA WEC a safe and successful season – we are desperately sorry we won’t be there battling with you all on track."