Lola has withdrawn its application to enter Formula 1. The announcement follows the UK racing constructors’ failure to receive a place on the initial 2010 entry list.

In a statement released on Tuesday the company said: “Lola F1 Team Ltd has today advised the FIA of the decision to withdraw its application to enter the 2010 FIA Formula One World Championship.

“Significant financial investment has been made in producing its 2010 contender and the FIA had requested that the Lola F1 Team remain in a state of readiness for a possible future entry.

“Lola F1 Team has thanked the FIA for giving its application to enter the 2010 FIA Formula One World Championship serious consideration.”