From team press release

French team ART Grand Prix has decided to withdraw their application to the International Federation of Automobiles (FIA) to take part in the 2011 Formula One World Championship.

The team is headed by Nicolas Todt, the son of FIA president Jean Todt and manager of the Ferrari driver Felipe Massa, and Frederic Vasseur. ART Grand Prix currently competes in the GP2, F3 Euroseries and GP3 series.

The press releases states: “The team has been working for several months on this ambitious project that they had undertaken with determination and lucidity.

“ART Grand Prix had forged strong bonds with several technical and financial partners but with unfavourable economic conditions they could not gather the necessary guarantees to ensure the stability of the project in the long term.

“Therefore, the company will have to postpone its project until a later date, however it remains completely focused and dedicated to the other single seater championships in which they are successfully involved in.”