Matt Hamilton says he will miss the next round of the Dunlop MSA British Touring Car Championship at Croft after hitting financial problems.
The 20-year-old had planned to do a full season with TH Motorsport in 2010 having made his series debut driving the Honda Civic towards the end of the 2009 season.
However, trouble sourcing a title sponsor has ruled both team and driver out for the next round at Croft, while there are doubts for the remainder of the season too.
“I am absolutely devastated,” he said. “We knew we are taking a bit of a gamble at the start of the year, but felt confident that we would be able to find a commercial partner to support us in such a high profile Championship.
“We got very close to one big deal in particular, but it just fell apart at the last minute. The current economic climate is making companies understandably very cautious about investing in sports sponsorship.
“I am so grateful to the boys at TH Motorsport. They worked so hard to get my Honda Civic competitive on very little budget…..they wanted to continue as much as I did. However, you cannot run a car in a Championship as high calibre as this one on fresh air. I am very proud of what we have achieved as a team.
“I am also very grateful for the immense support I have had from the BTCC fans. I was stunned to win the HiQ Champagne moment award from Brands Hatch just last week, and in particular, I was extremely proud that so many fans appreciated my efforts in the dreadful weather.
“You can all be rest assured that my family and I will be working extremely hard to raise the money to race again later in the season. The BTCC is where I want to be, and I feel certain that you will see me battling back on track again in the future.”
Hamilton currently has two points to his name after a ninth place finish at Brands Hatch.