Reigning British Supersport Champion GNS Racing has announced it will sit out the 2011 season after being unable to raise the funds it needs to compete.

The team only made its BSS debut in 2010, GNS experiencing immediate success with Sam Lowes on the Honda CBR600RR, the youngster winning five races on the way to the overall title.

However, despite also managing a top ten finish on the World Supersport stage as part of a wild-card at Silverstone, GNS says it hasn't secured a sufficient budget to either remain British Supersport or step up to the British Superbike Evo class.

"Whilst we have done our best to try to raise the necessary funding, there is simply no point going racing if you don't have the budget and sadly that's the case," said team manager Gary Stubbington.

"Both Sam and the team did a wonderful job last year and I'd like to take this opportunity to thank them as well as our sponsors and we hope to be back in 2012."

GNS's decision to sit out the 2011 season comes two years after 2008 champions Embassy Triumph were also forced to skip the following year due to financial woes.

Lowes, meanwhile, will graduate to the internation stage this year as part of the race-winning Parkalgar Honda outfit.