In a statement, the team said it worked on the project for "several months" and had "forged strong bonds with several technical and financial partners".

"But with unfavorable economic conditions (the team) could not gather the necessary guarantees to ensure the stability of the project in the long term," said ART.

The team said it has postponed the project to "a later date" and "remains completely focused and dedicated" on its other activities.

Headed by Nicolas Todt, the son of FIA president Jean Todt and manager of the Ferrari driver Felipe Massa, ART also races in the F3 Euroseries and GP3.