Ram Racing has withdrawn from the remainder of this year’s FIA World Endurance Championship due to funding issues, it was announced Friday.
The second-year British squad, run by Dan Shufflebottom, stepped up to the FIA WEC this season after winning the 2013 European Le Mans Series GTE championship.
However, both of the team’s Ferrari F458 Italia GTs were forced to miss the second round of the season at Spa due to a budget shortfall.
While there were reassurances the team would be able to complete the remainder of the season, the plug was pulled on the program just a few weeks after its 24 Hours of Le Mans debut.
The majority of the staff have been laid off, although there are hopes the team could continue in other select GT racing events in the future, such as the 24 Hours of Dubai.
“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,” a statement from the team read.
“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’s withdrawal not only impacts the FIA WEC grid but also a number of drivers associated with the championship-winning program.
Team veteran Johnny Mowlem is now left without a full-season ride, while Mark Patterson has shifted his focus to Greaves Motorsport’s LMP2 program in the ELMS.
Ferrari-blessed driver Matt Griffin and McLaren factory driver on-loan, Alvaro Parente, meanwhile, are also without drives in the FIA WEC, although will stay busy with other GT programs.