The current worldwide economic depression has had its first big effects on the Le Mans Series today. Despite having only finished their first season as a manufacturer two weeks ago at Silverstone, Embassy Racing announced that it has closed its doors.
In a statement by Embassy Racing it became clear that the parent company of Embassy Racing, EFS Group, has been hit by the global economic downturn and is no longer able to meet the financial commitments required to keep the motor racing team functioning at the highest level.
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 my core business.”
Embassy Racing was formed in 2003 by Jonathan France. In its first years the team competed in the British GT Championship, in cooperation with Xero Competition with a Corvette and from 2005 on their own with a Porsche 996 GT3 RSR. The team went on a sabbatical in 2006 and returned to action in 2007 when it graduated to the Le Mans Series. Initially it had planned to run a Pilbeam, but just before the season the team changed to a Radical SR9.
At the end of 2007 the team announced its plans for 2008. Embassy Racing moved to a larger facility to be able to become a race car constructor rather than just a race team. Two WF01′s were built and raced in 2008 and in the final races of the season the team was finally fighting for podium places. Unfortunately all the effort put in by the team members will not be awarded…