Breaking news coming from the paddock is that Peugeot Automotive have pulled out of the current racing project with immediate effect, a team representative has confirmed. The team will continue to race though.
Following previous reports that Peugeot have been reducing their shares in the racing team, news has now been confirmed that the Automotive Group no longer own any stake in the team.
A Peugeot Automotive representative confirmed the news in the paddock after the race. 'Peugeot Automotive no longer own any stake in the racing team. Following a disappointing season, Peugeot no longer see this team as a viable and commercial racing project. We will continue to have technical involvement with the team and wish them well for the future'.
This news comes after a major decline in form for the team which the Automotive brand have reportedly branded unacceptable. An unnamed, senior member was overheard saying to media in the paddock that, 'the team promised so much and delivered nothing'. This has not been denied.
Kazuki Armos went onto face the media following the outbreak in the paddock. 'We have performed at an unacceptable level his season. I cannot praise enough the revelation of Ingram amongst other teams who have made significant performance breakthroughs this season. However, with this news, we should be doing better. Peugeot Automotive will continue to supply engines for a further season and we will still have technical facilities available to us after signing a previous contract a month ago.'
'As a racing team we have three separate contracts, one of which entitles us to an engine supply and technical facilities, another to naming rights and a final to ownership of my team. While we only have technical facilities available to us for the future, we will continue our relationship with LucasGP as of next season and relocate to a smaller factory near the Lucas HQ'.
The team started testing and the first race near the front of the field but have continued to fall backwards and currently are positioned 9th in the standings.
Kazuki Armos also confirmed a 'review' of the team strategy and drivers will come in the coming hours which the team believe to be a contributing factor alongside poor performance.
Alongside this, a rumoured 36% of the team is for sale which will reportedly be partly purchased by Kazuki Armos and by American investors. The future identity of the team remains unannounced.