WEC: RAM Racing closes its doors

The FIA World Endurance Championship has lost one of its newest competitors. 2013 European Le Mans GTE Teams and Drivers champion RAM Racing cited budgetary issues as the reason behind its sudden exit from the WEC.

"Following a difficult start to the 2014 FIA World Endurance Championship, with a particularly challenging 24 Hours of Le Mans, British GTE team RAM Racing was planning to return to racing in September with renewed determination and vigor," the team said in a release. "However, recent notification of a drastic cut in its expected funding for the second half of 2014 means that the team has been forced to withdraw from the FIA WEC and any further competition with immediate effect. New employment is being sought for the majority of the team's employees who were released two weeks ago.

"RAM Racing extends its heartfelt apologies and grateful thanks to all its drivers, technical partners, loyal employees, the FIA World Endurance Championship and the team's many supporters. It would like to stress that it has worked tirelessly to try and avoid, or at least alleviate, the situation it finds itself in.

"RAM Racing wishes all its competitors in both the LMGTE Pro and Am categories of the FIA WEC a safe and successful season – we are desperately sorry we won't be there battling with you all on track."

RAM was coming off of a frustrating result at the 24 Hours of Le Mans where its GTE-Pro Ferrari F458 failed to finish, and its GTE-Am entry placed a somewhat distant 12th in class.​