Motor Racing: Pacific forced to withdraw

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The Independent Online
Another Formula One dream was ended yesterday when the Norfolk-based Pacific team pulled out of next season's championship, leaving only 11 teams on the starting grid, writes Derick Allsop. Pacific struggled through two seasons, but it is understood they were unable to meet the budget requirements stipulated by the authorities and their withdrawal was not unexpected.

The team said that defaults on sponsorship payments left them in an untenable position and that they would not be able to produce the competitive package to overcome new qualifying rules.

Keith Wiggins, the managing director, said: "We have tried very hard to establish our position in Formula One, but due to the difficult financial position, we have not been able to progress. Our cash flow and credit position have been stretched to a point where I feel we cannot continue."