The economic turmoil has claimed another victim
Embassy Racing has announced today that the doors to its two car Le Mans Series racing efforts have been closed to business.
Jonathan France has taken the decision to redirect his finances due to the global economic downturn and is no longer prepared to meet the financial commitments required to keep a motor racing team functioning at the highest level.
Embassy Racing and the WF01
Withdrawing support from the racing division while the team is still solvent, Team Principal Jonathan France will maintain a skeleton staff to ensure sensible mothballing of the project and settle all outstanding administration and accounting matters.
Talking about the situation Jonathan said:
“As soon as it became apparent to me that the financial situation was becoming difficult, I decided it would be best to put things on hold – settle everything up and concentrate on other business matters.”
The Moto division of Embassy Racing is competing in the penultimate round of the British Superbikes at Silverstone this weekend under a quickly negotiated separate financial situation. Currently leading the Supersport Championship with Glen Richards, it is reported that the bike team manager, Myles Schofield is already in talks with Triumph and other sponsors about a package which may well see the team racing in some form in 2009.